John Mertic has put together a what's new list in the upcoming PHP 5.3 release:

PHP V5.3 is set to be released by the end of 2008, and many of the new features in this release have been in the planning stages for a few years. Originally touted as "PHP V6 without native Unicode support," PHP V5.3 has been developed into a feature-rich upgrade to the PHP V5 line. [...] In this "What's new in PHP V5.3" series, we'll look at these new V5.3 features, and see how they are used and how they can be used in your Web application.

In this first part of the series he talks about:

• Improved static method and member handling
• The _callStatic() magic method
• Dynamic static calls
• Late static binding
• Standard PHP Library
• Circular garbage collection