It has been brought up in many other threads recently, but I thought I would bring it together here and post updates as they occur.
Half a year ago Google Chrome began to roll out updates on a rapid development cycle. They have gone from version 5 to 10 in 9 months and the results have been amazing. In the same time, Firefox has not released anything new. In fact, It has been over a year since a major feature update was released for Firefox.
Both projects are open source and both projects are huge in scope. Mozilla developers have decided they agree that updates aren't being pushed because they are grouped and linked together too tightly.
So a few weeks ago it was determined that a new plan for Firefox development would be created and that a rapid development cycle that was more modular for features would be implemented.
While it was just words a few weeks ago, now a plan has begun to take shape.
Here it is:
http://people.mozilla.com/~sayrer/2011/temp/process.html
I personally use the browser that offers the best precision, features, and speed. Right now that is Google Chrome hands down. However, around the corner is Firefox 4, and if they are able to get this cycle moving, it looks like every 18 weeks it will receive some polishing and features. I am rooting for Mozilla to really get this right so that there are two amazing browsers pushing features to the limit. Unless Microsoft catches on very soon, I expect that they will be left behind and they most likely won't have any more chances to recover if they blow it again.