Patch (3) released September 18th, 2004. Release notes can be read here.

Bug Fixes

Pvp challenge : a bug in the aggro system has been corrected, meaning that pvp challenge is no longer unusable. (previously access to pvp challenge was refused on grounds that you were in an aggro list).
Contact list : the names in the contact list should no longer be blanked out - the contact list should function correctly again.
'Connection failed' message change : this message appears frequently when players leave the game and log back in in less than 30 seconds. In this case their character may still be in game and the attempt to login is rejected. The text of the message has been changed to reflect this.
ATI Radeon 7000 series fix : Direct 3D drivers for this card are incompatible with Ryzom. As a result the game boots by default in open GL.
Text fixes : Miscellaneous text fixes.

Player names should appear correctly in the guild interface
Name validity checks for guild names are no longer case sensitive
The guild interface no longer closes itself spontaneously on the client
When you leave or desolve a guild (or are kicked) while in a guild building you are now teleported out of the building
When you try adding no-drop items to your guild inventory a sensible message is now displayed explaining that this isn't possible
When a guild leader passes control of the guild to a new 'leader' they swap ranks witht he new leader rather than becoming a basic guild member.

Known Problems

It is possible for character names to become invalid after a character has been created with the name and then deleted. This means that the name may not be usable for a new character.
The reserved names for players from the Beta were not all taken into account previously. As such players may find that their characters have been renamed to defaultAAAAA if their name had been reserved by a beta tester
If you create a guild, delete the guild and re-create a new guild with the same name the game misbehaves badly and you become 'stuck' in a semi-non-existant guid with no way of leaving it.
If you destroy a guild without emptying the guild inventory then all items that it contained are lost.