It seems that Dreamhost isn't confident yet to give us PHP5.3.x as it said to break some widely used apps (as told by a DH tech on the status blog). Too bad.
Anyway there are some news:
1) It seems they are upgrading servers to 5.2.11. Not the latest one, which is 5.2.12, but still good due to security and misc bug fixes, other than upgrades in PCRE library and timezone database (read: with PHP5 you don't have to worry if your timezone is different than the Dreamhost one, if you use date_default_timezone_set() in your scripts).
2) People like me who LOVE SQLite and waits for PHP5.3.1 which includes SQLite library 3.6.19 (with full text search and foreign key support) should better wait for PHP 5.3.2 which hopefully will include SQLite library version 3.6.22 (the current 5.3.2RC1 contains 3.6.21). On SQLite library versions between 3.6.18 and 3.6.21 there are two rare bugs in the CAST and OR operators used in WHERE clause that can give wrong results (see here: http://www.sqlite.org/releaselog/3_6_22.html)
So said I really hope to see in the wiki a full tutorial/script to compile PHP5.3.x (and that one is there) AND to make it work with FCGI. Now there are two separate how-tos, and second one isn't very easy (at least for me).
Thanks DH for the good work!
Btw, as now you offer only PHP-CGI I hope to see PHP5.3.x as an option in the control panel soon or later...