Cpanel has released php 5.3 in easyapache but there are several features which are missing in php 5.3.
Like php 5.3 does not support Zend. However PHP 5.3.1 introduces namespaces, late static binding, decreased memory usage (YMMV), several new extensions, and improved MySQL support. Be sure to check your scripts for compatibility before going live with PHP 5.3.1 on a production server. Some scripts will be affected by some of the changes, so testing is extremely important.
More information can be found at
http://forums.cpanel.net/f145/php-5-3-now-available-easyapache-141909.html
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