The long awaited Railo 3.0 is out of Beta and available to all.
There are a lot of exciting new features with Railo 3.0: multimedia video conversion and manipulation, video player with playlisting, task manager, cluster scope, CF8 compatibility, and more.
Also, with Railo 3.0, the Community and Professional versions have been combined - keeping the price of the Community edition (i.e free), but without the previous restrictions this had. (With Railo 3.1 due later this year, Railo will fully become Free Software, under the LGPL2 license.)
For more details, the best place to head is the rebrushed Railo website, which has been updated to provide information on what is new with Railo 3.0.
There will also be a three part series on the Railo blog covering the new features. The first entry in the series is already available.