The new version only fixes one bug that prevented users from changing sharepoint sites once they had successfully connected to one.
The first release of Sharepoint Explorer (0.0.1) has been uploaded. While uploading I also discovered a pretty drastic bug that won't let you switch the sharepoint site once you've successfully connected to one. I'll try and fix the problem now so expect some changes in the code soon.
The source code as it stands has been uploaded to the CVS repository. In case you're interested, the source code is split up into two modules: SharepointExplorer (contains main application and solution file) and SharepointExplorerSetup (the deployment project). The .sln file was made in VS.NET 2003. As such, it may not be compatible with previous versions of visual studio.