The PHP Group has officially released the next version in the PHP 5.2.x series (as an update to the flaw in PHP 5.2.7) - version 5.2.8:

The PHP development team would like to announce the immediate availability of PHP 5.2.8. This release addresses a regression introduced by 5.2.7 in regard to the magic_quotes functionality, that was broken by an incorrect fix to the filter extension. All users who have upgraded to 5.2.7 are encouraged to upgrade to this release, alternatively you can apply a work-around for the bug by changing "filter.default_flags=0" in php.ini.

You can download this latest release from the downloads page on the main php.net website or from your favorite local mirror.