Yes, RHEL 5.3 has been released.

Red Hat Enterprise Linux 5.3 Now Available with Leading Virtualization Performance and Next-Generation Java and Processor Support Capabilities
http://www.redhat.com/about/news/prarchive/2009/rhel_5_3.html
Release Notes of RHEL 5.3
https://www.redhat.com/docs/en-US/Red_Hat_Enterprise_Linux/5/html/Release_Notes/index.html
[rhelv5-announce] Red Hat Enterprise Linux 5.3 GA Announcement
https://www.redhat.com/archives/rhelv5-announce/2009-January/msg00000.html
Primary new features of RHEL 5.3 are,
- Increased scalability of virtualized x86-64 environments
- Support for Intel Core i7 (Nehalem) processors
- Inclusion of OpenJDK
Nevertheless, I didn’t see RHEL 5.3 is available for download in RHN yet. Let’s wait for a while.
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