PEAR 1.4.6 is released today. It is a minor bugfix release: 13 minor bugs was corrected in this release. I think the major change is the adding of PEAR_Frontend_Gtk2 support.

It is always a good idea to update when there is a new release, but I think if you haven't had a problem with the PEAR 1.4.5, it is not necessary to update the package. The only mojor problem that you should correct is in PEAR/command/Registry.php file on line 983:

date("Y-m-d H:m",$obj->getLastModified())
should be: date("Y-m-d H:i",$obj->getLastModified())

Anyway, you can visit http://pear.php.net/package/PEAR/download/1.4.6/ to see the changelog.