On its 50 year anniversary we revisit Milstein's second-order approximation scheme of stochastic differential equations that achieves strong convergence rate 1, as opposed to the 1/2 rate of the Euler-Maruyama scheme. Milstein's proof required four derivatives from drift and diffusion coefficients, which was later reduced to two by Wagner-Platen, relying on Ito-Taylor expansions. Here we provide a strict improvement by showing that strong convergence rate 1 holds assuming nothing else than the standard Lipschitz condition on the drift, if one sacrifices an arbitrarily small exponent in the rate. Additionally, we prove a central limit theorem that corrects a previously wrongly stated version in the literature.