The updates just keep on coming and this is a big one. Dayz is moving into Beta.
At the moment there aren't many servers running 1.7, but I expect this will change shortly. I whole heartily endorse installing the update. While I have not investigated any gameplay changes, I can say it has eliminated the epic wait times to join a game.
Installing it was not exactly straightforward, but since I am literally the most generous person alive you can learn from my hard(ish) work. As a disclaimer this is for the Steam version of the game.
Download the Dayz 1.7 code from here and install it as usual.
You will need to install the beta patch for Arma2. This, generally speaking, has the added bonus of boosting your fps in game.
Follow this man's instructions for installing the beta patch.
Once you have finished getting the patch installed you will need to tinker with the file. Follow the instructions in the third post in this thread. By default it will start in windowed mode. Just hit alt-enter when it starts or remove " -window " from the file.