…and it looks like being an interesting one.
The biggest change is that WordPress and WordPress MU are merging into a single product, which seems like a sensible idea. But there’s more to enjoy…
For a start, there’s a shiny new default theme, which quite apart from being crisp, clean and tidy, supports threaded comments quite tidily, and actually looks like something I might be able to use with minimal changes. You can drop in your own header image to make your site look less like a standard WP blog should you want to. It even comes with a page template that will let you display pages without the sidebar if that’s what you want. I’m quite impressed with this, not just because it looks good, but because it’ll need a lot less work to make it do what I want.
Another feature is the new menu editing thingy, which lets you decide which (if any) of your pages appear as links at the top of the page. Up till now, to do this you’d need a plugin. Where the management bit gets clever is that your header menu can also contain links to other sites (or to a single post, I guess), and that previously needed hand coding files.
It’s still in a very early stage of development, and bits are likely to break over the coming weeks, so handle with care if you decided to have a look.
 That’s the one that lets you set up lots of separate blogs on one site.