The PHP development team has released PHP 5.2.11, providing over 75 bugfixes and several improvements. Some of the fixes are security related. Even though PHP 5.3.0 has also been released, you probably won't be seeing it on the majority of web hosts until 2010. Many are reluctant to deploy a .0 release and prefer to wait for a .1. or later, release.
Most of the major CMS (content management systems) are supported on PHP 5, some have even made it a requirement, ImpressCMS is one that does require PHP 5. Early testing on PHP 5.3.0 does indicate there will be issues if you try to run a current release of XOOPS or ImpressCMS on it.
For those of you really interested in the details of the PHP 5.2.11 release, you can read their changelog.