Allo allo,
The automatic version checking between the client and server (based on ChangeLog date) is now disabled. This is based on the theory that the false alarms happen more often than real problems.
Just remember that when you 'cvs update' SLIME you should restart both Emacs and Lisp. Otherwise you might end up running different versions of the Elisp and CL code and have strange problems.
Historically the biggest single problem for users has been having version mismatches. There is still some separate code that tries to detect any stale byte-compiled version of the Elisp code, and hopefully that's enough to keep things sailing smoothly.
-Luke