Tomorrow, Mozilla will release the latest version of its famous browser Firefox. After 34 months of work and several release candidates, Firefox 3 will be ready for prime time and Mozilla hopes to also achieve a world record for the most software downloaded in 24 hours.

In the life cycle of every software product, the release of a new version is a major milestone, but in Firefox’s case, it is more than that. It is also about the fierce competition with Internet Explorer, Microsoft’s browser which currently is dominating the market.

What does Firefox 3 plan for its users? First of all, there are three key aspects that Mozilla claims were improved in the latest version. Firefox 3 is more secure, speedier, and easier to use.

From the security point of view, Firefox 3 has added some interesting features. For example in the new version you can click the site favicon in the location bar to see who owns the site you are visiting. The identity verification is prominently displayed and easier to understand.

The new browser also integrates malware protection, a system that will warn users when they arrive at sites which are known to install viruses, spyware, trojans or other malware.

Mozilla also improved the add-on update security and those add-ons that provide updates in an insecure manner will be disabled.

As for the usability, Firefox 3 has also a number of ease of use enhancements. For example, it offers easier password management,  simplified add-on installation, new Download Manager, full page zoom, tab scrolling and quickmenu and text selection improvements: Multiple text selections can be made with Ctrl/Cmd; Double-click drag selects in "word-by-word" mode; Triple-clicking selects a paragraph.

One of the best features is the resumable downloading: users can now resume downloads after restarting the browser or resetting the network connection.

On the interface side, Firefox 3 has introduced a simpler management of bookmarks.

It seems like a lot of reasons to rush to download the new version or to give it a spin, if you are a new user.

What about its main adversary? Right now, Firefox 3 will have to fight against Internet Explorer 7, which frankly doesn’t seem to have a chance in front of the new browser. Microsoft is also planning Internet Explorer 8.

Earlier this year, the Redmond company showcased a beta version of Internet Explorer 8.0 at its Mix conference for Web developers. The company highlighted eight features in Microsoft's latest browser: CSS 2.1 support, CSS Certification, performance, HTML 5 support, new developer tools, activities, Web slices and another unnamed feature. The first beta of the browser, intended for developers, was also released. Unfortunately, the beta was heavily criticized for its imperfections. The second beta is scheduled to be released this August in 20 languages worldwide.

Microsoft said that the new beta 2 browser offers significantly improved standards support and developer platform investments with enhanced user experience.

Judging by the history of Internet Explorer releases, this mean that the final version will be available sometimes in December or maybe early next year. And for Firefox 3 this means a window of opportunity to grab more market share. Anyway, Firefox 3 has at least five to six months until it will meet its real competitor, and in the software business that is a lot of time.

Let’s hope that Mozilla will know how to use its advantage