OK, guys, I'm posting this here to let everyone know that there will be some delay before the Minecraft server can be updated to 1.5. As posted here: Bukkit Forums, there are some major game-breaking bugs in 1.5, so the Bukkit team are waiting until 1.5_01 or _02 before updating so they have something more stable to work with.
That being said, Notch is already working on _01, so hopefully that will be out in a day, CB will be updated within 2 or 3, and the plugins will allow us to update in about 4. (This is worst-case).
Be patient with us, guys, we're trying to keep as much functionality as possible in the meantime.
As a note for those of you who updated automatically (or without thinking), two or three things:
First, from now on, you'll probably want to make your own backup of your client from now on. Google how to find your Minecraft bin folder, and make a copy of "minecraft.jar".
Second, if you're complaining about not having an option of whether or not to update, go download the latest launcher, as it provides that ability.
Third, there will inevitably be people who put up their backups online, despite Notch/Mojang asking them not to, and you are free to download them if you want to be able to play, but just keep in mind, it can be risky to your account, and it is, technically, illegal.