Microsoft has release App-V 4.6 SP1.  There are some very cool sequencer upgrades in this release.  Here are the details on the upgrade and the easiest way to get the upgrade (some public downloads).

If you're just looking to run the sequencer around the block, you can do so with the public download.  The client installer, however, is an upgrade installer, so testing packages on the SP1 client will require upgrading an existing client, or downloading the full installer from MSDN / Technet Downloads.

Feature Summary

Here is the high level list of new features in the sequencer:

• App-V Recipes (called "Package Accelerators") -  The idea here is just add files and compile!  Microsoft has published a couple of these - the link is provided below.
• Noisy Services Management - the sequencer automatically shutsdown certain noisy services (and Windows Update) and prompts you to manually shutdown any security related services that are known to be noisy.
• Detection of Blocking Conditions for App Capture - the sequencer now notifies you if there are outstanding reboot operations or if your VM is not reverted before staring a new pacakge.
• Intelligent Capture Analysis (called "Installation Report") - the sequencer scans the captured information for possible problems for sequencing - such as the existence of shell extensions or unsupported drivers.
• Improved Wizards - More explanation is given and links to help and community sites are provided.
• Easier Packaging of Plug-ins and Middleware - when packaging plug-ins and middleware packagers that will be dynamically suited 
• No 8.3 Folder Name Requirement - use any folder name desired as long as it is on the sequencing drive.
• No Need to Pre-create The Sequencing Drive - in the operating system.  The Sequencer now creates the sequencing drive (usually Q) by creating a reparse point into a sub-folder of the sequencer folder.
• Recording of Excluded Files for later auditing - this improves the ability to diagnose when required files have been accidentally excluded.
• Better Dynamic Suiting - when building sequences that will be in a dynamic suite with anohter sequence, you can expand the sequence that contains the prerequisites and package on top of it.  Thie eliminates the need to install prerequisites right on the sequencing workstation.
• SP1 Sequencer Packages Compatible with 4.6 RTM Client - the SP1 sequencer's output is fully compatible with the 4.6 RTM client - so you can take advantage of all of it's features with no need to upgrades the clients!

Getting the Code

The 350MB publicly available upgrade extracts into a directory structure that includes the 32-bit and 64-bit upgrade installers for the Desktop Client and RDS Client and the full installer for the Sequencer.

To use the upgrade installer for the client a previous version of App-V Client must be installed - at least 4.5.0.1485.

MSDN downloads provides three ISOs.  One ISO for all of MDOP 2011 (2.2 GB) and two for App-V (360 MB).   The App-V ISOs contain the full installer for the clients.

App-V 4.6 SP1 Update: http://www.microsoft.com/downloads/en/confirmation.aspx?FamilyID=3b48dbfe-612d-4806-b737-9254bd9b2445

Other Resources and Downloadable Accelerators

Release Notes: http://technet.microsoft.com/en-us/library/gg507623.aspx

Sequencing Guide for 4.6 SP1: App-V 4.6 Service Pack 1 Sequencing Guide.docx

Trial Guide: App-V 4.6 SP1 Trial Guide.docx

App-V Accelerators for Adobe Reader 9 and MS Project 2010: http://www.microsoft.com/downloads/en/details.aspx?FamilyID=9471C2AE-CB03-42C4-9976-72F24937A800

Known issues: http://blogs.technet.com/b/appv/archive/2011/03/11/known-issues-with-microsoft-app-v-4-6-sp1.aspx