WordPress 3.2 was released early in July, and version 3.2.1 is out now. If your hosting service will support it, you should upgrade now.
I say “if” because I was surprised (and dismayed) to learn that my current host is running PHP version 5.1.6 on the server where my site resides. WordPress has been saying for many months now that version 3.2 required PHP version 5.2.4, at least. My host would be willing to move my site to a server running the latest version of PHP, but this would require a change in plans, and more money. I will be changing hosting services. The change should be transparent to viewers, but if it is not, I will send an email to members on the Web Design mailing list.