A newer version of Paint.NET has been released today. Paint.NET is a photo-editing software that runs on Windows under .NET framework (v3.5 SP1). It is a better version of Microsoft paint, with support for layers, multiple undo, redo, and several effects that Adobe Photoshop boasts of. 
The new version is much more lightweight than the earlier ones (the total disk space usage is around 12 MiB).  This new version integrates with Vista and Windows7's Aero interface. The one most striking new feature is that you no longer need to restart the whole application to let Paint.NET recognize newly installed fonts -- the new fonts toolbar enlists new fonts as they are being installed. You can find the whole list of new features here. If you need a not-so-serious photo editor, Paint.NET is for you.

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