Updates README to reflect current module capabilities

Updates sections of README to reflect current module functions. Edits for clarity, spelling, grammar, formatting and consistency.
Add "Release Notes/Known Bugs" to Changelog

Per a request to have initial release notes that specifically listed known issues for this PE 3.2 release, and barred by time constraints from automating a pull from open issues in JIRA, this commit adds a Release Note and Known Bug section to the Changelog for the imminent 3.2 release.