What are the significant changes between GURPS Lensman 1st and 2nd editions?
Were there any rules improvements or useful errata or other major reasons to prefer one over the other?
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Here is a thread on the SJ Games forums, discussing the exact same question. The only substantive answer is from Fred Brackin, who has been involved with GURPS playtesting for about as long as it has existed.
There may have been some fixing of the recursively increasing costs of having ultra-high point Allies like Second-Stage Lensmen.
That's the only thing I can recall being mentioned though.
If you're going to play Lensman nowadays, I'd recommend using the GURPS 4e rule that NPCs don't pay for Allies, to prevent that kind of recursion.