This release has actually been out for a few days, and will probably be soon followed by 3.0.8, which is required for clean builds against the new pre-2.2 kernels. In the meantime, if you need to compile against pre-2.2, get the latest beta from ftp://csb.stanford.edu/pub/pcmcia/NEW.
As for 3.0.7, this is a fairly minor update. It has some fixes for pre-2.2 but they are not complete. I've finally removed various bits of old code for supporting pre-2.0 kernels, and have tried to clean up the HOWTO in this regard as well: enough things don't work with pre-2.0, and it is hard enough to maintain the stuff that does work, that I don't think it is worth the effort anymore.
The ibmtr_cs driver seems to be a continuing source of problems. I've fixed at least some of them in this release, but this driver really needs a friend to watch over it. I've never touched either a token ring card or a token ring network, so it is fairly impossible for me to maintain this driver properly.
3.0.7 fixes a bad bug in the 3c575_cb driver that I introduced in 3.0.6, which causes the old 3C575 cards to choke and lose interrupts. And I've made a few more tweaks to the resource allocation code for memory and interrupts, in the endless quest to find the settings that do the least harm across the set of all possible hardware configurations.
The only new functionality is the addition of dhcpd support in the network configuration script.