After lots of blog comments, emails, and IRC / IM messages, the verdict is in.
We are going to support PHP 4 and PHP 5 for our upcoming version, 2.5 beta/2.6 stable. All subsequent versions, starting with 2.7, will have PHP 5 support only (the specific version of PHP 5 has not been decided yet).
Update:
Just to be clear on the versions: While we are in alpha/beta stages for v2.5, we have committed to PHP 4 support for this version. This will be the version that people will download once it is stable, in 3 months or so.
The next version, v2.7, will be the version that will support PHP 5 only. This version will probably be stable toward the end of 2008. I hope this gives you more of a sense of our time frames.

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