The project and item templates allowing you to create pre-wired MVVM Light applications are now also available for Expression Blend 3 and Expression Blend Preview for .NET 4 and Silverlight 4. The installation process is manual, but not difficult at all (unzipping a few files to predefined paths). I did document the installation process here.
Of course the templates are also available for Visual Studio 2008 and Visual Studio 2010, as well as the binaries. The source code is available on Codeplex.
I still have one feature I want to add in V3, and then I will create a release version. Seeing how my schedule is, it will probably be during the holidays. However, V3/alpha 3 is very stable and I didn’t get any error report from users who upgraded. I also don’t think there will be any breaking change. At this point, I would recommend users who want the new features to upgrade to V3.
I will post a list of new features in this version later.