After some 6 months of hard work by Banshee developers, Banshee 1.5 has been released. But it is not yet available in the official Ubuntu repo. Here is how you could upgrade your existing Banshee 1.4 to all new Banshee 1.5 in Ubuntu.

Update: Banshee 1.5.1 is released.

Feature List

• Video support.

• Support for iPod and similar devices.

• Last.fm support streaming radio support.

• Full list here. 

Add GPG Key First

• Goto Terminal and copy + paste the following.

sudo apt-key adv --keyserver keyserver.ubuntu.com --recv-keys 6E80C6B7

•  Done.

Now Add the PPA Repo

• Now Goto System > Administration > Software Sources and select Third-Party Software tab and click ADD. And Simply Copy-Paste the following Repo(depending on the version of Ubuntu you use). 

For Ubuntu Jaunty

deb http://ppa.launchpad.net/banshee-team/banshee-unstable/ubuntu jaunty main 
deb-src http://ppa.launchpad.net/banshee-team/banshee-unstable/ubuntu jaunty main

For Ubuntu Intrepid

deb http://ppa.launchpad.net/banshee-team/banshee-unstable/ubuntu intrepid main
deb-src http://ppa.launchpad.net/banshee-team/banshee-unstable/ubuntu intrepid main

Now Install all new Banshee 1.5

sudo apt-get update
sudo apt-get install banshee

OR Upgrade to Banshee 1.5

sudo apt-get update
sudo apt-get upgrade

• Done!