With the new update, you will need to download the patch or the full installer in order to join the servers. The download redirection is wrong for older versions. So if you let the game open up a browser window for you, you will be directed to Mount&Blade download site. The correct link is:
http://beta.taleworlds.com/download.aspx
This issue is fixed with version 0.520 though.
This update will open up some new maps and a new game mode, called Conquest. In Conquest mode, teams will try to capture as many flags as possible and gain points from them. The difference between Capture the Flag and Conquest modes is that in Conquest mode, you do not capture the flag, you just pull down the enemy or neutral flag and raise your team's flag.
Lots of bugs are also fixed with version 0.520. Although collision errors still exist (and we will be dealing with them next week), if you still see the same bugs that existed before, please post them once again. Also C++ runtime error still exists at rglSkeleton.h line 874. We need to regenerate the same bug in our computers in order to fix that bug. And we haven't been successful at that
We wish you a pleasant weekend, see you on the field
EDIT: Bad news, Conquest mode is disabled due to a serious bug.