
Minecraft's latest update occured on the 31st of March, Beta 1.4. A few notable features were added:
Cocoa Beans now available
Cocoa beans can now be found in the game. They have been in the game files since Beta 1.2 but will now reside in random treasure chests in dungeons. It can be used as a dye for Brown Wool or can be used in a new item...
Cookies!
Cookies can now be crafted using two wheat and a cocoa bean. Each creation makes 8 cookies, which heal 0.5 of a heart each, saving your more time-consuming foods like bread and cakes for when you really need them. To craft them, place them in the workbench like so:

Wolves
The long awaited wolves have finally been added to the game. Wolves spawn rarely, mainly in woodland biomes in packs of 1-3. You may befriend them by giving them a random amount of bones each. Taming them will make their eyes widen, a collar appear around their neck and make them follow you permanently, with an option to have them sit and wait for you if you wish them to. When you attack something, your wolves will help take it down with you. If you decide to hit them before you tame them however, their eyes will switch to a glaring red and they will mercilessly savage you.

A wolf waiting to be tamed.
Here is a video for a preview of them in action.
Undocumented Update: Brown Sheep
Brown sheep can now spawn naturally proving an easy source of brown wool without having to hunt for dungeons. This will make cocoa beans mainly used for cookies instead of dying wool. A minor update in some eyes, a huge relief for pixel artists.

Beds now reset your spawn point
The days of collecting a large sum of diamonds and falling into a fatal battle with a horde of angry monsters, leaving you dead and miles from your corpse are now over. When you sleep in a bed now, the game will respawn you back at the last bed you rested in, should you happen to perish.
Some other minor changes can be found here: Minecraft Update News: Beta 1.4
For more updates on games, and other random thoughts from me, follow me on twitter: http://twitter.com/Faceroll_James#