Remember this time last year? The browser wars had heated up again with the debut of a new contender called Firefox. The upstart browser succeeded in chipping its own niche out of Microsoft's monolithic hold on the Web browser market, but its fiery initial days seem to have cooled down. The preview release of the new Firefox 1.5 is a much more sedate affair.

Firefox's new features include an automatic updater, faster browsing (particularly linked to the back and forward buttons), and drag-and-drop reordering of tabs. Maybe I'm wrong, but none of that sounds particularly earth-shattering, especially compared with the innovative features introduced in previous version of Firefox. The new browser will also contain better pop-up blocking capabilities, always a plus, and increased security measures. Firefox 1.5 is due to officially launch within a week or two.

Following its launch last year, Firefox gained a lot of momentum because of its savvy grassroots, viral marketing efforts, which were mostly accomplished by a strong community and donated dollars. (For example, recall how the Netscape-based browser's parent, the Mozilla Foundation, took out a now infamous ad in TheNew York Times to spread the word about the browser.)

Firefox also garnered a good deal of success because of some of the bad PR surrounding Microsoft's (NASDAQ:MSFT) Internet Explorer browser and its security issues. The incremental market-share increase of Apple's (NASDAQ:AAPL) Safari browser has given Microsoft little to fear thus far; ditto for another contender, Opera. (If you like zany PR stunts, though, check out a good one from Opera last spring.)

Last summer, there were some indications that Firefox's grasp on market share might actually be slowly slipping. On the other hand, Firefox did celebrate its 100 millionth download last month, and some Internet statisticians have interpreted Firefox's varying market-share stats to declare that the browser has succeeded in its goal of capturing 10% of the market within its first year.

Firefox still has a long way to go -- and plenty of life left in it. Fool contributor Tom Taulli recently illustratedGoogle's (NASDAQ:GOOG) strong show of support for the browser, and that's certainly nothing to underestimate. Meanwhile, Firefox may no longer have last year's buzz , but Mozilla apparently hopes to convince its community members to create videos pushing Firefox, to be released simultaneously with the launch of version 1.5. That fits well with Firefox's most persistent strength: A reputation as a scrappy underdog with an active community and a cult following.

According to data from NetApplications, Internet Explorer's market share has dipped considerably below 90% in recent months, indicating that Firefox and other would-be browser barons are making a dent. Firefox may not be as flashy as it once was, but it's destined to give Microsoft a rival to keep an eye on.

Flash back to when Firefox was first set free:

Alyce Lomax does not own shares of any of the companies mentioned.