Bruce Schneier has updated Applied Cryptography. I have a new book, sort of. Cryptography Engineering is really the second edition of Practical Cryptography. Niels Ferguson and I wrote Practical Cryptography in 2003. Tadayoshi Kohno did most of the update work
Cryptography Engineering is a techie book; it's for practitioners who are implementing cryptography or for people who want to learn more about the nitty-gritty of how cryptography works and what the implementation pitfalls are. If you've already bought Practical Cryptography, there's no need to upgrade unless you're actually using it.

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