Greetings People of Smash. There has been a lot of hype behind the train for 5.0 and it is within our grasp. I however do want to mention that it has not been thoroughly tested in terms of SmashLadder integrity and there are quite a few bumps and features that need to be worked out for Ladder use.

For several months, all features that we have been requesting for dolphin have been in a feature freeze for the longest time because of the need to work out any issues/regressions there were in 4.0's development. This has left the Netplay build stagnant for some time. Now that 5.0 is out, we can move forward again very soon. 

Here are a few issues/features being addressed: 

• ✓ Add a Check Before Emulation to make sure all users have the game and emulation closed
• ✓ Syncing Enable Cheats Over Netplay
• ✓ Add MD5 Testing Before Netplay Emulation
• ✓ Fix the switching from Melee -> PM Dolphin bug
• ✓ Improved Netplay Chat (This fixes a vital crashing bug in regards to netplay)
• ✓ A fix for the Netplay Safe Music Kill code to actually be "Netplay Safe"
• A few bug fixes with Project M and the textures

Future Features:

• Auto Buffer
• Improved P2P connections for less latency for doubles (Probably a much later version)

Melee Users:

Read Dan Salvato's Post

Project M Users:

With 5.0, we will also be releasing a new version of 3.6's SD method. It will have updated stages, fixed random stages, updated music, [secret_removed], and mostly polished.

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So TL;DR, You will have your shiny new build very soon. We are working out all the kinks to make sure everything is up to par for you. Expect something this week ~  I will make a form soon to get testers to help perpetuate the testing -> ladder official process. As of this moment 4.0-7840 is still the official ladder build until further notice. I thank you all for your patience and definitely look forward to bringing you all a shiny new build. 

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Further Material:

Dolphin 5.0 Article / Video

Dan Salvato's Melee 5.0 Community Settings