The long wait is finally over: After four release candidates, zzzeek rolled out SQLAlchemy 0.5 today.
Check out the news and get it while it's hot!
Along with many improvements and new features comes an updated documentation, built with Sphinx (I'll take this chance to proclaim that reStructuredText and docutils really rock, too!).
If you're already familiar with SQLAlchemy and still want to get much more out of it, be sure to check out Armin's in-depth explanations on the sophisticated usage in his recently released Python blog software, Zine.