After a long development time, Centos 4.8 was finally released on the 21st August. This is a good thing that after the latest problems between the centos developers, they were able to pull this out finally and now be able to focus on the upcoming 5.4 release.
There are no major changes in this update, mostly bug fixes and security fixes, and it should be a quick and easy upgrade for most people still running the 4.x branch (you should really consider comments: true upgrading to 5.x ;) ).