Phoenix 0.5 has just been released - I'm using it now and it's fantastic. I've already got it set as my default browser and I've just switched my girlfriend to using it as well (it took less than 30 seconds to convince her - she already uses Mozilla and Phoenix clearly blows Mozilla away in terms of performance).
If you have previously installed Phoenix 0.4 you will need to delete your current Phoenix directory and create a new profile the first time you run 0.5 - be sure to read the instructions for doing this on the release notes page.
Instructions for getting mouse gestures working in Phoenix (with the right or middle mouse button) can be found
Is anyone else hooked on Phoenix yet? I've been using 0.4 for a while but 0.5 is even nicer.
Oh, and the Windows installer is a paltry 6.1 MB