You can get the update here:
Vue 4.05 Beta 2 Update for Mac
Vue 4.05 Beta 2 Update for Windows

This update is still beta, so it may not perform as expected. It is incremental from 4.03, so you should make sure that you have 4.03 installed before running the update.

The bug fixes are:

• Transparent areas would sometimes appear white in volumetric lights.
• Windows: BUM file format not working on some systems (thanks Sacred Rose!)
• Mac: Drawing a selection box without background draw now works.
• Mac: Material and functions zoom previews were not always updated
• Saving an atmosphere without lens flare did not work, and sometimes made Vue crash when loading it.
• Vue crashed when setting lens flare intensity to zero.
• Space-dragging in the timeline wouldn't move the line representing current time.
• Jpeg quality slider is now limited to 0 through 100%.
• Mac: Vue crashed when rendering on disk very large pictures (>5000 pix wide)
• 16 bit RG encoded terrain data import fixed.
• Mac: 16 bit RG encoded terrain data export fixed for all formats.
• Pict export has been rewritten on both platforms.
• Glow not appearing around transparent objects.
• Spotlights not drawn correctly in Wireframe.
• Mac: Saving to a file at the root of a volume did not work
• Mac: Application not updated correctly when restored after being hidden (Cmd H)
• Changing the type of file in the file browser wouldn't change the extension
• Mac: render progress hidden behind render when rendering to screen.

And still:

• Objects disappear in locked layers.
• Views were not refreshed when dragging and dropping objects between layers with different status.
• Mac: now possible to add extra vegetation species.
• Mac: Nudge keys not working.
• Mac: problems with wireframe draw (OpenGL disabled).
• Mac: doesn't memorize the last selected item in the browsers.
• Only one try was accepted instead of five when adding extra vegetation species
• Now displays a warning when stopping a render and the render cannot be resumed later (Final or better modes only).
• The render mode would stay set to Preview when resuming render, resulting in the message "You are about to save a Preview picture..." when saving the picture (Final or better modes only).
• In Fractal Terrains Options dialog, pressing Cancel would not cancel the modifications made to the filters.
• Pasting or loading a material via the menu onto a group of objects made out of different materials would not apply the material.
• Materials mixed with other modes than "Full blend" would not exhibit bumps properly.
• Crash when removing all members of a Boolean Difference.
• Problems when rendering Boolean operations involving 3D Mesh objects.

A big THANKS to Sacred Rose for the terrific help in solving the BUM issue!

Steve.