As early as this week.
Movabletype 3.2 may be released as early as this week. Six Apart was hoping to release it last week, but opted instead to go with one final beta release (Beta 5) which is available right now. They warn that the beta should not be used on a live site. I am looking forward to the new software as it provides some new tools which will be most helpful. Primarily I am looking forward to the new Spam protection which will allow me to moderate trackbacks, which in turn will allow the trackback feature to return to the sidebar. I am a tad nervous that it will tamper with some of the plugins I use, and most notably the forum integration plugin.