We're almost done with 0.9 and the code is baking in CVS and Ted is doing interesting and exciting things with metaweblog, comments, and his Lucene search plugins. When that all gets sorted out, then we'll do a release which has been a long time coming.
In the meantime, if you want to try out what's in CVS, here is a snapshot as of February 24, 2004. Setup is just like PyBlosxom 0.8.1. Features for users are pretty much the same. Biggest changes are architectural which will enable plugins to solve a very wide variety of problems and do all kinds of exciting stuff.
Official announcements and all that on the PyBlosxom site soon. Additionally, I've been working on Planet PyBlosxom, which will provide a centralized newsfeed of PyBlosxom stuff from PyBlosxom users' web-sites via their RSS feeds.