Continuing Blender 2.4x series, Blender 2.47 is a bugfix release to stabilize the "Bunny Release", serious effort has been put in tracking bugs and fixing them.
A complete list of bugfixes is available if you want to read all the nasty details. Or keep on reading for a quick "short" version:

Tewksbury, Mass. , August 25, 2008 — Avid Technology, Inc. (Nasdaq: AVID) today launched Avid® DS version 10: a solution designed to save customers time and money by offering professional editing, compositing, keying, image retouching, paint and graphics capabilities in one application. Avid DS 10 runs on a new high-performance platform and includes key features such as: full color-managed workflows, advanced color correction capabilities, Interplay® support, improved conform options, GPU real-time processing, additional dual-link feature support, integration with Avid shared storage solutions, and a new stereoscopic 3D container. As a result of these new features, Avid DS customers will be able to more effectively manage their project pipeline, take on a wider variety of projects, work with the highest quality images and continue to deliver the best end product to their customers.