Before getting too excited, the new libvdpau 0.5 release isn't worth getting excited over unless you happen to use Adobe Flash a lot on Linux and use it for video playback over VDPAU. The new version simply works around two bugs in the Adobe Flash Player.
One fix is to workaround the Flash blob passing color arguments to a function in an incorrect order, which can lead to some Flash videos having a bluish tint. The other fix is for colors bleeding through to other windows. Lastly, there's a small memory leak fix when unloading libvdpau.
Details on libvdpau 0.5 for this open-source video decode library can be found via xorg-announce.