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The Joomla! community is pleased to announce the immediate availability of Joomla! 1.5.4 [Naiki]. This is a normal maintenance release which includes a few low to moderate security issues, many bug fixes, and several very nice improvements. It has been a little over ten weeks since Joomla! 1.5.3 was released on April 24, 2008. The Development Working Group's goal is to continue to provide regular, frequent updates to the Joomla! community containing the latest bug fixes and minor enhancements.

You will want to read the full extensive announcement here: http://www.joomla.org/content/view/5180/1/