The PlaneShift team has sent us word that the v0.5.6 patch has been released that brings the game, according to devs, "one step closer to v0.6.0". The team has posted a laundry list of changes, enhancements, optimizations, and bug fixes on the official site.

Quests and Factions:

• Major rework of the quests! In the past the quests were most likely one off and with little purpose. We decided to radically change the concept by creating chained series of quests with a purpose and where possible a story. So we looked at the quests we have in game and started to tie them together.
• After char creation a friend's letter is now guiding you to the major NPCs, which will explain the associations and factions present in Hydlaa. Players can start to follow those trails and learn more about the associations/factions. This is the foundation of a complex social system based on jobs and affiliations that we continue to develop to create a more immersive roleplay experience.
• Many new quests were added, and many reworked, reaching a grand total of 320 quests!! In particular a whole new set of Magic quests is present, allowing access to bracers, robes and wands items in the different Ways of magic! (for graphics associated to those items, see the art section)

Read more here.