The CakePHP core team announded the release of CakePHP 1.3.4 recently (on Sep 12, 2010). It was almost within month since the last CakePHP release i.e. 1.3.3. The team announced that there had been a few changes which could affect applications built in 1.3.3. Among a few other changes EmailComponent now more correctly handles email addresses with name aliases.
According to the team, work on the 2.0 branch is continuing to progress and a few topic branches have already been merged in it. They further said that there was still no estimated time of completion.