Version 3.0 featured a nearly completely re-written rule set which put the game on a par with professional products. The core systems remain relatively unchanged but greatly clarified and in some cases enhanced. Art for the edition was entirely updated and the document was reformatted and cleaned up.
From the introductory material:
MAKAI is a Live Action Role Playing Game. It's like a free-form movie where players are the actresses and actors. While there is no set script, players create a brief character history, a character sheet/card, items, currency, and any game pieces necessary (dice, pencil, character statistics). There is usually no physical contact in larps, however MAKAI is different. Unlike other LARPs, MAKAI uses foam weapons, or boffer weapons, instead of rock, paper, scissors, or cards or dice. The game emphasizes drama, negotiations, trading, mysteries, problem solving, manipulation, and delightful chaos. MAKAI is also based off of anime, but real anime in particular. It is a sort of amalgamation of different animes and manga. Most notably there is a lot of video game references you will see when you begin to read this book.