Reflector 5.0 is out.
Just saw this on Jason Bock's blog. Lutz Roeder has released version 5.0 of Reflector. And getting it is so easy: Just launch your current version of Reflector (I assume you already have it!), go to the Help menu and select "Check for Updates". It will download, install and re-start!
UPDATE: Check out Scott Hanselman's annoucement with a bunch of tips to get the most out of Reflector -- although I think world domination is a bit of a stretch! :)