The latest version is Sublime Text 1.3
Sublime Text may be downloaded and evaluated for free, however a license must be purchased for continued use. There is no enforced time limit for the evaluation.
Sublime Text requires Windows 7, Windows Vista, Windows XP, or Windows 2000 (with DirectX 9 installed).
Read the 1.3 announcement blog post to see what's new in 1.3.
There is also a more recent beta version available.