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The "Send to Unreal" function is intended to make it possible to import geometry into Unreal 4 without a polygon limit.
The "Send to Mudbox" feature can be used to send geometry from Maya LT directly to Mudbox. And texture maps extracted from Mudbox can then be applied again to the model in Maya LT. In this way, a higher level of detail can be achieved without having to add geometry.
Further features include a new Color Management System and an improved Game Exporter as well as an optimised FBX ShaderFX workflow.
Here you can find all further information about Maya LT 2015 Extension 2.