I updated compiz and compiz-fusion to 0.7.4 over the weekend. The resulting packages are available in my PPA on launchpad. Feedback and testing is very welcome! The packages are at:
deb http://ppa.launchpad.net/mvo/ubuntu hardy main
apt-get install compiz should give you the latest compiz stuff. apt-get install simple-ccsm the latest configuration tools.
I will try to push this update into hardy but because we are already quite late in the freeze it will not be easy. The more feedback I get on this (both good and bad) the better the release team can judge if the update is safe for hardy or not. Please give it a whirl and let me know how it works for you