WordPress 1.2 Beta is out for testing if you havent heard the news yet. You can download it from here http://wordpress.org/nightly/ Grab the one with the latest date. The devs (especially Matt) are very busy chasing and killing bugs in their tracks. This is purely a developmental version but testing would be greatly appreciated. Here is a short list of new features and improvements.
* New plugin architecture
* Custom fields
* Localization framework and unicode encoding support
* All post times stored in local time and GMT
* Cleaner cruft-free and search engine friendly URLs
* Non-mod_rewrite clean links option
* Strong encryption of user passwords
* Redone administration interface, particularly with regard to options
* Encoded passwords and cookies
* OPML Export
* Easy, efficient upload and automatic thumbnail system
* Sub Sub categories
* Post preview
* Specify character sets – blog in any language.
The announcement on the dev blog is here http://wordpress.org/development/archives/2004/04/28/12-beta/