Okay, here's some answers.
1. You can tell what version of toribash you have by looking in the titlebar when the game is running. It will say something like "TORIBASH 3.24 fps:56". The number after "TORIBASH" is the version, and the fps is how fast the game is running.
2. The newer versions of toribash do have more things in them, but they also have more/better optimizations, meaning they will actually run better on older hardware than previous versions in most cases.
3. Shaders are what make toribash look so darn good. They do however require a much more powerful graphicscard than ordinary toribash, and need somewhat more powerful hardware. If you can run shaders, you will notice a fps decrease ranging from slight and barely noticeable, to severe, making the game unplayable depending on your hardware. Shaders are not in any way required to play toribash, they just make things look pretty for people with higher-end computers. I can take some comparison screenshots of you'd like to see them.
I hope that helps you, and if you've got any more questions, feel free to ask.