I'm not the most knowlegable person on this one, but I think if you intend to distribute the script you are running, then I'd shoot for 4.x for portability. I still have 4.3.10 on my server, so a script using the fancy object oriented stuff in php5 wouldn't be much use for me.
Like I said, I'm not too skilled with PHP, so take it with a grain of salt.
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Eric
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