Bruce Schneier reports that SHA-1 has been “broken” by a Chinese research team. I'm assuming this is a birthday attack resulting in collisions rather than a general purpose ability to find a collision for a given hash (which would be much more serious).
Nevertheless, it is a major result against SHA-1 and even more so against reduced (58) round SHA-1. The most interesting thing to me is that it may have interesting implications for XBox Linux (and possibly the security of XBox Live).