The latest stable release is QEMU 0.9.1, which made it out in January of last year, and since that point a plethora of new work has went into this code that's licensed under the LGPL. Some of the QEMU 0.10.0 features include mainline Kernel Virtual Machine acceleration support, BSD user-space emulation, Bluetooth emulation and host pass-through support, GDB XML register description support, Intel e1000 network emulation, HPET emulation, VirtIO para-virtual device support, Nokia N-series tablet emulation, OMAP2 processor emulation, PCI hot-plugging support, a qemu-nbd utility to mount block formats, multiple VNC clients now supported, and an EsounD audio driver. This list of features really just touches the tip of the iceberg for what can be found in the soon-to-be-released version of QEMU. Beyond the mentioned changes there is quite a bit of bug-fixing, emulation for new devices, and other features.
Certainly this is very good news on the Linux virtualization front.