BTW, they kept PHP4 support for 3.1. Now the news is that PHP5.2 will be the minimum requirement for 3.2.
Hosting WordPress « WordPress Codex
This will actually be a good thing, for everyone! Just make sure your on a good host. If you're on a VPS or dedicated server, keep up with your server side upgrades!
Make everything as simple as possible, but not simpler. - Albert Einstein