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It's a maintenance release on the stable series. Some really good fixes in there, if you care about node in production.

I believe every even version ie 0.4.x are just bug fixes and usability additions. I think the real core comes in the odd releases 0.3/5.x.

In the past the 0.2.x was the API stable branch and the 0.3.x was the experimental branch for the development of new features like SSL.It had an incompatible API against the 0.2.x branch.

All this went into the 0.4.x branch, which is now stable again and new features incl. API changes can be expected for 0.5.x.

Each point release typically bumps the version of Google's V8 engine thats included too. So its bugfixes + the occasional performance optimization from Google.