file_entity 7.x-2.0-unstable7

Make sure you visit the Permissions page after you update.
New permissions have been added!

New Features:

#1667486: Contextual Links in File Entity
#1215712: Add a views field handler for displaying the rendered file
#1296268: Add Preview and Teaser view modes
#1418644: Add multilingual support for files
#1292382: Make it possible to create any number of custom File Types
#1298838: Ease alteration of the Files administration page's query
#1227706: Add a file entity access API
#1286508: Provide a file usage report tab at file/%file/usage
#1553094: Alt and Title support for Images

Fixed Bugs:

#1707108: Recoverable fatal error: Argument 3 passed to file_entity_add_upload() must be an array, string given
#1776300: Respect field settings like minimum - maximum size when used as image field
#1736624: File entity preprocess help text incorrect
#1809408: file_type_get_names() doesn't always return an array, yet it is assumed that it does
#1447742: Notice: Trying to get property of non-object in file_icon_path() (line 808 file/file.module)
#1358860: File Entity won't render image derivatives for images stored using non-local stream wrappers

See here for a complete list with changes:
http://drupal.org/node/1212874/commits