We just released Adobe AIR 1.5. While this is a point release, it is a pretty significant update. You can find an overview of new features and updates in this article on the developer center, and in this blog post.
What is my favorite feature of AIR 1.5? Bug fixes! In particular URL clicks are now handled correctly (correct browser is opened, and links open in new tab in Firefox as appropriate).
You can grab the latest version here, or you will be prompted to update it the next time you run an AIR application.