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The TVersity team recently announced that their media server project has been updated to version Version 1.0.0.3 RC 2. While it's not exactly the full version 1.0 release a lot of us are looking forward to, this build does come with a couple of notable features.

For one, it now enables users to add individual Youtube videos. Doing so is a simple matter of copy-pasting the video's URL on TVersity. Here are the rest of the changes present in v1.0.0.3 RC 2:

* New Features
o Album art support is now available and is compatible with the Sony PS3 as well as with the HTML interface (PSP, iPhone, Blackberry, etc.) and flash interface (Wii). Album art relies on JPEG files conforming to certain naming conventions that are present in the same folder as music tracks. These files can be created by either Windows Media Player or WinAmp and TVersity will pick them up, or users can add them manually.
o Individual YouTube videos can now be added by pointing the browser to a specific video on YouTube and dragging and dropping the address bar icon to TVersity (or copying and pasting the URL).
* Bug Fixes
o MShare now refreshes as fast as it was in 0.9.11.4.
o No files are periodically added to the Temporary Internet Files folder while the GUI is running (browser caching was turned off).
o Fix crashes when adding/refreshing some FLAC and some MP3 files.
o Flash interface is now more reliable when switching from one live stream to another and then going back to first one.
o TVersity service was failing to start on machines that had a non ASCII character in their hostname.

As always, the devs invite the users to send in their feedback regarding any issues or suggestions they have regarding this release. Further details on installing and running TVersity on your specific console are available at the app's official site.