First, this version should actually work for everyone beside me. It turns out that Ping.fm requires developers to get their API key "approved" after they get approved for a key itself. Confusing process, but Sean, Ping.fm's CEO, was quick to help and approve my key.
This update includes two major changes, a minor change and the plethora of obligatory "minor bug fixes." First, I've implemented a two column layout. The first shows your most recent pings. The second shows a list of all of your networks. Second, I've implemented the very cool application update framework that Adobe baked into AIR 1.5. I've also removed the network icons from the recent pings and replaced them with a generic type, such as blog, status, micro-blog, etc.
Overall, this version should be much more scalable. All future updates should be seamlessly delivered by the app itself.