The main direction of engineering changed since the last time it was discussed. It's less of a constant necessity you have to react to and focuses on extending the lifetime of ships instead.
Preparations:
Make sure you have spare fuses and filled RMC canisters to repair stuff.
You can keep spare components if your ship allows for that (has physical access and enough storage space).
Repairs:
Single seater ships have single use repair option available from MFDs. It's separate for each component but only repairs them enough to function and takes time until finished.
Bigger ships with component access give you a chance to use the multi-tool or salvage gun to fix or replace them.
Fuses can be fixed or replaced, just like components (anyone on PTU can confirm?).
There's also fire fighting.
Disabled relays changed from cutting power of connected components to limiting it.
Fire:
Can happen from:
Damage (energy weapons have higher chance to ignite components than ballistics).
Running the ship without proper cooling.
Wear and tear.
There's auto shut-off system for components running to hot but it might not always be enough to prevent fire.
Fire can be fought with fire extinguisher and venting the ship.
Engineering forced them to do a full rebalance of all weapons and components.
Ship readiness at the time of recording:
About 80 ships are full ready for engineering.
About 30 ships are partially converted (have physical components but no engineering screens or vice versa).
"This feature is here to stay" but they are aware that it's not finished or perfect and are willing to adjust it based on feedback.
Armour implementation for 4.5 wasn't planned when they recorded this episode (early November).