When upgrading from libprojectM-2.0.1-3 and earlier, you should make sure that the projectM configuration files in home directories point to the correct font files.  You can do this with the following command:
sed -i 's/projectM\/fonts/fonts\/bitstream-vera/g' /home/*/.projectM/config.inp

If you access libprojectM from more than one user, you will need to run this command as root.