All that's left for Paver 0.5 is docs right now. I need to do a bunch  
of documenting, but I'm quite happy with what's in 0.5.

Here's the changelog:

* "targets" have become "tasks", because that name is a clearer  
description.
* runtime.OPTIONS is gone now. The old voodoo surrounding the  
options() function
   has been replaced with a distinctly non-magical __call__ = update  
in the
   Namespace class.
* distutils.core.setup is now the command line driver
* distutils/setuptools commands can be seamlessly intermingled with  
Tasks
* tasks can have command line settable options via the cmdopts  
decorator.
   Additionally, they can use the consume_args decorator to collect up
   all command line arguments that come after the task name.
* options are now a "Namespace" object that will search the sections for
   values. By default, the namespace is searched starting with top-level
   items (preserving current behavior) followed by a section named the  
same
   as the task, followed by all of the other sections. The order can
   be changed by calling options.order.
* Added minilib task that creates a paver-minilib.zip file that can be
   used to distribute programs that use Paver for their builds so that
   setup.py will run even without Paver fully installed.
* Added generate_setup task that creates a setup.py file that will
   actually run Paver. This will detect paver-minilib.zip if it's
   present.
* The "help" task has been greatly improved to provide a clearer picture
   of the tasks, options and commands available.
* Add the ability to create virtualenv bootstrap scripts
* The "help" property on tasks has changed to "description"
* output is now directed through distutils.log
* Ever improving docs