Over and above features provided with QTP 9.0 , QTP 9.2 
provides following features:
Mercury Screen Recorder :

Capture your entire run session in a movie clip or capture 
only the segments with errors, and then view your movie 
from the Test Results window.

Dynamic Management of Object Repositories:

QuickTest now has a new RepositoriesCollection reserved 
object that you can use to programmatically manage the set 
of object repositories that are associated with an action 
during a run session. 

Over and above features provided with QTP 8.2 , QTP 9.0 
provides following features:
Object Repository Manager:

You can use the Object Repository Manager to manage all of 
the shared object repositories in your organization from 
one, central location. This includes adding and defining 
objects, modifying objects and their descriptions, 
parameterizing test object property values, maintaining and 
organizing repositories, and importing and exporting 
repositories in XML format. 

You can open multiple object repositories at the same time. 
Each object repository opens in its own resizable document 
window. This enables you to compare the content of the 
repositories, to copy or move objects from one object 
repository to another, and so forth.

Object Repository Merge Tool:

You can use the Object Repository Merge Tool to merge the 
objects from two shared object repositories into a single 
shared object repository. You can also use the Object 
Repository Merge Tool to merge objects from the local 
object repository of one or more actions or components into 
a shared object repository. 

When you merge objects from two source object repositories, 
the content is copied to a new, target object repository, 
ensuring that the information in the source repositories 
remains unchanged. 

If any conflicts occur during the merge, for example, if 
two objects have the same name and test object class, but 
different test object descriptions, the relevant objects 
are highlighted in the source repositories, and the 
Resolution Options pane details the conflict and possible 
resolutions.

Multiple Object Repositories per Action or Component:

QuickTest provides several options for storing and 
accessing test objects. You can store the test objects for 
each action or component in its corresponding local object 
repository, which is unique for each action and component. 
You can also store test objects in one or more shared 
object repositories that can be used in multiple actions 
and components. Alternatively, you can use a combination of 
objects from the local object repository and one or more 
shared object repositories. You choose the combination that 
matches your testing needs.

XML Object Repository Format:

QuickTest now enables you to import and export object 
repositories from and to XML format. This enables you to 
modify object repositories using the XML editor of your 
choice and then import them back into QuickTest. You can 
import and export files either from and to the file system 
or a Quality Center project (if QuickTest is connected to 
Quality Center).

Function Library Editor: 

QuickTest now has a built-in function library editor, which 
enables you to create and edit function libraries 
containing VBScript functions, subroutines, modules, and so 
forth, and then call their functions from your test or 
component.

Handling Missing Actions and Resources: 

Whenever a testing document (test, component, or 
application area) contains a resource that cannot be found, 
QuickTest opens the Missing Resources pane and lists the 
missing resource(s). For example, a test may contain an 
action or a call to an action that cannot be found; a 
testing document may use a shared object repository that 
cannot be found; or a testing document may use a object 
repository parameter that does not have a default value. In 
all of these cases, QuickTest indicates this in the Missing 
Resources pane, enabling you to map a missing resource to 
an existing one, or remove it from the testing document, as 
required