It looks like Joomla V 1.5 has finally come to fruition. From the Joomla Website:

It is with great pride that the Joomla! community announces to the world the immediate availability of Joomla! 1.5 Stable [Khepri].  As a community of contributors, we have been through celebrations and tribulations. We have had fun, and we have worked hard. We have learned from and helped one another. What started two and a half years ago with a letter to the community has grown into a great opportunity for both the Joomla! project and community to benefit from these efforts and to consider our future.

People have contributed enormous amounts of time and energy to make Joomla! 1.5 what it is today. Developers collaborated over long distances, around the clock, enthusiastically contributing to Joomla!. Hours writing code combined with intense discussions on everything from usability to extensibility have defined many developers’ lives over the last two and a half years. Countless others have identified and fixed bugs along the way.  Documenters have tracked changes to help make life easier for everyone who uses or develops in Joomla! 1.5. Translators for dozens of languages have prepared language packs.  Huge amounts of time and energy have gone into event organization, team management, and infrastructure upkeep.  Our forums are overflowing with those asking and answering questions about Joomla! 1.5, helping overcome problems and reaching out to newcomers in a concerted effort to be helpful.

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