Appleinsider has an article about the new version:
http://www.appleinsider.com/article..._bundle_major_motion_soundtrack_upgrades.html
They don't have much new info on it, other than it being optimised for Mac OS X 10.6 (so will probably be released not too long after it) and it still won't support BluRay.
I guess I will have to do all my BluRay creation on a PC as there still aren't any decent solutions on the Mac (you need to buy Premiere to get Adobe's Encore).
Actually you can create your B/R videos in FCP using Compressor, but you will need a program to actually burn it to blu ray disc like Toast 9/10 B/R plugin or like you said Encore it self.