New Release: Spybot Search & Destroy v1.4

From Net-Intergration:

Here are some of the new features it offers:
First native multi-installation scanner
On PE boot CDs as well as on any system with multiple installations of Windows 2000 or later, Spybot-S&D 1.4 is able to scan the other installations as well, including the registry. From what we know, Spybot-S&D is the first anti-spyware solution that offers inactive registry scanning as a native feature.
Speed boost-ups
Spybot-S&D 1.4 should work noticably faster than 1.3 during scans. And if you still don't like to wait, you can play our easter egg while scanning.
Improved tools
We've improved the Tools section that Spybot-S&D offers in advanced mode - the process list now offers a list of open network connection per application (Windows 2000 or newer only), helping you to quickly identify which applications are local and which do use connections to the outside. Our detection mechanisms have also been updated, from detecting and cleaning services over protocol filters to the afore-mentioned scanning in inactive installations registries.
Graphics remake, and more
We've replaced the old home made icons with a bunch of great graphics provided by the guys at Yellow Icon Studio to make the user interface look smoother. But while this is highly visible on the surface, there have been more than 104 important changes underneath.

http://safer-networking.org/en/index.html

More news to follow.

Announcement Link

Installation method, recommended by Donna at Calendar of Updates:

1. Undo immunization
2. If SDHelper and TeaTimer are enabled, deactivate them first.
3. If Opera Browser is installed, de-select "Opera Immunity" protection.
4. Uninstall old version of Spybot S&D
5. Reboot

5a. Optional step: If you want to completely remove the all and old registry entries of the old version of Spybot S&D, get the registry file from the forum or get it directly from the website. Save it to your desktop where you can find it easily. Simply merge the reg file to the registry.

6. Install Spybot S&D 1.4
Original Link

Once again, from Donna at COU.

After you installing Spybot Search & Destroy v1.4, do the following:* Update the program
* Allow Spybot S&D to immunized your Internet Explorer
* If Opera Browser is installed, select "Opera Immunity"
* Don't forget to select "Enable Blocking of Bad Address in Internet Explorer
* If you want Spybot Search & Destroy to detect all items that it can detect, read this.
* Configure the settings
* Run a scan!
Original Link

Found this posted over at COU by roddy32.

It seems there is an issue with regards to SpywareBlaster after following the install instructions as listed above. Some have found, most all, that several items in the 'restricted zone' protection have remained unticked. With me it ws only 4, and others more. But its an issue, so I wanted to alert everyone.

COU thread
And a thread from C|NET forums