I didn't have a problem with the beholder's facing rules, since it adds a memorable tactical element to encounters. On the other hand, the vast array of attack spells in its repertoire was a bit of a problem.
It's got the right number of attack rays now (note one each of Fort, Refl, Will saves), and the antispell cone is certainly easier to play with than the antimagic cone.
It still has five more eyes, though, and I think it still needs something else to make it a credible threat. Under the current version it seems too easy to prepare for a fight against it. At 9th level or so, the clerics get Spell Immunity, right? So much for the Beholder's one 'big gun'. Sure, a party won't be able to defend everyone that way, but the beholder is still in for a world of hurt when the barbarian charges in, even with the Slow ray.
Rather than give it the ability to use five rays twice, I would say let it fill in the other five eyes with Sorcerer spells of its choice, spells that support its goals in the campaign. Give the DM the tools to customize it, maybe offer a suggested list. Maybe even offer the DM a way for the Beholder to change its spells between encounters.
Dispel Magic (single target only) would be a good one, no? Let it strip away the party buffs in addition to its Antispell eye. I like the idea of a beholder zapping anyone with this before granting an audience.
Ben