Not sure how exactly I came to miss this, but the newest Arduino IDE is out.

Version 0013

Windows, Linux (32 Bit), Mac

Biggest bonuses:

– Printing Floats

– Reduced Sketch size by not including unused functions

– Support for ATMega328, which is basically a 168 with double space.

From the release notes:

0013 - 2009.02.06

[documentation / examples]
* Adding examples for Parallax Ping Sensor and Memsic 2125 accelerometer.

[core / libraries]
* Adding support for printing floats to Print class (meaning that it works
  in the Serial, Ethernet, and LiquidCrystal classes too).  Includes two
  decimal places.
* Added word, word(), bitRead(), bitWrite(), bitSet(), bitClear(), bit(),
  lowByte(), and highByte(); see reference for details.
* Working around problem that caused PWM output on pins 5 and 6 to never go
  to 0 (causing, for example, an LED to continue to glow faintly).
* Removing cast macros, since function-style casts are a feature of C++.  This
  should fix contributed libraries that broke in Arduino 0012.
* Modifying pulseIn() to wait for a transition to start timing (i.e. ignoring
  any pulse that had already started when the function was called).
* Fixing bug in random() that limited the ranges of values generated.  Thanks
  to Mikal Hart.
* Modifying delay() to pause for at least the given number of milliseconds.
* Fixing bug in Ethernet library that interfered with use of pins 8 and 9.
* Originating each outgoing network connection from a different port (in the
  Client class of the Ethernet library).  Thanks to Paul and joquer.
* Updating ATmega168 bootloader to work with standard distributions of avrdude
  (responding to signature requests made with the universal SPI command) and
  correctly store EEPROM data.  Thanks to ladyada.
* Adding support for the ATmega328.  The upload speed is 57600 baud, so you
  may need to edit boards.txt or reburn your bootloader if you bought an
  ATmega328 w/ bootloader from adafruit or other supplier.

[environment]
* Omitting unused functions from compiled sketches, reducing their size.
* Changing compilation process to allow for use of EEMEM directive (although
  not yet uploading EEPROM data).