New version is out of beta:

jared says:
We’ve improved the Treasury. Take a look!

♥ http://www.etsy.com/treasury.php

Here are some of the changes:
* new server side architecture (for great speed and reliability!)
* browser back button support
* previous / next buttons to move rapidly between lists
* enlarged pagination buttons
* silver star for those featured in a list’s alternates
* curator and featured badges in comments
* increased capacity to 222 lists
* visited lists indicated with lighter title text color
* precision expiration date shown
* server crashes will not loose list data
* improved card rearranging feature for curators
* comments limited to about 44
* did I mention it’s a whole lot faster!?

•Where are the avatars?
Many will notice that avatars are now missing from the lists while people are viewing them. We took these out for performance reasons. Displaying who was viewing a list in real-time is a computationally expensive operation. By taking this particular feature out, the speed of the Treasury has been improved significantly. You can still see how many people are in the list, and of course you can always leave a comment to show your face. :)

•Why does it reload each time I try to view a list or return to the index of lists?
This is expected behavior now. For performance and scalability reasons we’ve separated the index of lists from the lists themselves into two different pages. Moving back and forth requires that the page be loaded. While this approach may be just a bit slower for some, it should allow all the people who previously were unable to use the Treasury to now do so. Hurray!

•What happened to the old Treasury?
It’s resting comfortably in a beautiful field, feeding the daisies.

•What happened to an archive and unlimited comments?
We’re still working hard getting these two particular features completed. Expect them to show up later this month.

•This is good news, but I still have something to complain about!
Great! This version of the Treasury was a highly collaborative effort between the builders and the community. Continued feedback is always welcome! We’ll never be done making this site as good as it can possibly be. Please keep in mind that many many questions have been answered already in the forums. If you want to jump in that big old bus of knowledge, it’s a long one (with flames painted on the side):

part 1
http://www.etsy.com/forums_thread.php?thread_id=5120049

part 2
http://www.etsy.com/forums_thread.php?thread_id=5120413

part 3
http://www.etsy.com/forums_thread.php?thread_id=5122243

part 4
http://www.etsy.com/forums_thread.php?thread_id=5124663

part 5
http://www.etsy.com/forums_thread.php?thread_id=5127632

•I had a Treasury list in the beta and now it’s gone?
Yes, we’ve started fresh by deleting or otherwise naturally expiring all lists in both versions of the Treasury. The good news is that there are now 222 open spots!

For those that have helped in this renovation project, I can’t personally thank you enough for your help! Thank you!
Posted at 3:49 pm, June 16 2007 EST

. . .

For those who used the Treasury beta, it’s important you clear your cache or you’ll experience some strange (but harmless) peculiarities.

Most browsers let you clear your cache fast by holding down the SHIFT key and pressing the refresh button.

Look for v.4 on both the index of lists and the lists themselves. Thanks.
Posted at 3:52 pm, June 16 2007 EST

According to Chris, the Treasury operates on its own server so doesn’t affect the rest of the site’s operation.