We have not released a newer version since the December release. We have been working with the programmers and know what the problem is, and it seems that FFMPEG has updated their encoding software in the mean time which should work correctly. However, with the release of Mac OS X Lion, a new major version of Adobe Air, and newer versions of the video encoding tools, including FFMPEG, that we incorporate into the Blender, a lot of retooling has had to be done and has caused delays. Please hang in there...I know it is frustrating, but the next version that I am testing here should work fine on for computer.
So glad I stumbled on this, Curt! I love that you guys are on it, but I have a question: you mentioned Mac OS Lion. I'm still on Leopard, not even Snow Leopard and, for business reasons, can't upgrade from there. I have the latest version of Leopard (10.5.6??? - I'm not home right now; just know that it's the latest) on my MacBook Pro, with the dual Intel chip. Will the new version of the Blender work for me? I've been waiting so long for this, I really hope so!