The release of Gnash 0.8.6 is scheduled for September, though from experience it's not unlikely to become October.
There are no world-shattering changes so far in this release. The interns for Gnash's summerbash contributed some useful text handling improvement. Some new classes are implemented, and there are the usual minor bugfixes, including some very long-standing ones. It was nice finally to get them off the bug tracker after almost two years. Debugging real SWFs can be a time-consuming exercise.