Just like the other stock programs in iOS 7, Apple has totally redesigned the app. While recording a memo, the voice waveform is shown in real time. The app icon has also changed (for the worse).
As a nice touch, users can also now record Voice Memos even if their device locks.
Old voice memos, recorded in iOS 6, are also restored in the new beta version.
Take a look at a gallery of the app in action.