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I want to purchase Knuth's Art of Computer Programming but I'm unsure of which edition to buy. What's the latest edition? Should I go with the latest edition or is another edition better?

A: 

What's the latest edition?

Volumes 1 and 2 of TAOCP are currently in their third editions while volume 3 is in its second edition. Volume 4 is still in preparation and there are five fascicles available.

Should I go with the latest edition or is another edition better?

For the first three volumes, there really isn't any good reason to go with an older edition. For volume 4, I would hold off until the first edition is published unless you really need to know deep intimate details about combinatorial algorithms.

Jason