Differences between .NET 4.0 and .NET 4.5

Support for Windows Runtime
Support for Metro Style Applications
Support for Async Programming
Garbage Collector Improvements
Faster ASP.NET Startup
Better Data Access Support
WebSockets Support
Workflow Support - BCL Support

-Asp.net 4.0
Web.config File Refactoring
Extensible Output Caching
Auto-Start Web Applications
Permanently Redirecting a Page
Shrinking Session State
Expanding the Range of Allowable URLs
Extensible Request Validation
Object Caching and Object Caching Extensibility
Extensible HTML, URL, and HTTP Header Encoding
Performance Monitoring for Individual Applications in a Single Worker Process
Multi-Targeting
.... etc

And Asp.net 4.5 there is also a long list of improvements.
Asynchronously Reading and Writing HTTP Requests and Responses
Improvements to HttpRequest handling
Asynchronously flushing a response
Support for await and Task-Based Asynchronous Modules and Handlers

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