Appcelerator have just released the eagerly anticipated 1.5.0 version of Titanium Mobile. This release provides some huge improvements in Android support, as well as performance tweaks, new features and fixes made throughout the system: this release addresses over 500 issues. 

On both Android and iOS the following features have been added: 

• Memory Usage and Performance
• Javascript Stylesheets (JSS)
• Localization
• Multiple Density Images
• Clipboard
• Simple Services
• Module Development Kit

 Some of the key additions for Android include:

• Exposing several Android native classes: Activity, Service, Intent, PendingIntent, Menu, and MenuItem.
• Javascript based Activities and simple Services
• Extensive support for providing resources for the different screens and densities
• Pickers
• Calendar
• Contacts (Read-only)
• Remote Image Cache when using ImageView

And the iOS specific additions:

• Drawing performance improvements, especially in TableView
• Improved background and local notification support

Go for it straight away by downloading the new 1.2.2 Titanium application, and upgrade to the 1.5 SDK from within the app. Documentation is available here. For those who are upgrading from a previous version, you will probably be interested in the changelog.

I tried out the latest version with an app I'm working on at the moment, and it definitely seems to be improved. Compilation and deployment onto emulators seems to be faster.