For cryptographers who didn't get to watch last night's Crypto 2005 rump session, Xiaoyun Wang, Andrew Yao, and Frances Yao announced (through Adi Shamir, because my inane government kept Professor Wang out of the country) that they have a new method for creating collisions in SHA-1, better than their previous method. From what I could hear (the video was bad on my end), the new method should cause some collisions in 2^63 tries, which is 64 times better than their previous method.
According to the very short presentation, this probably puts SHA-1 collisions into the feasible-to-create range. On the other hand, MD5 was always in that range (at 2^64 effort, at least until Wang et. al. whacked it a year ago), and no one actually tried.
It will certainly be interesting to see the full paper and compare the two methods. It will also be interesting to see if the second method can be back-ported to MD5 in such a way to both further reduce the work effort there and get collisions that can be used for more realistic attacks.