The latest action-packed, graph- and demo-clip-stuffed Theora project update page (demo 9) is now up for all and sundry! Catch up on what's gone into the new Theora encoder 'Ptalarbvorm' over the last few months. It also instructs how to pronounce 'Ptalarbvorm'.
Ptalarbvorm is not a finished release encoder yet, though I've personally been using it in production for a few months. Pace on improvements hasn't slowed down-- the subjective psychovisual work being done by Tim Terriberry and Greg Maxwell has at least doubled-again on the improvments made by Thusnelda, and they're not anywhere near done yet.
You'll just have to read the project update to see what that is all about :-)
The demo covers what's already in Ptalarbvorm, previews of what's next to land, and a sneak peek of 1.3 once Ptalarbvorm is finished.