Someone must have turned a switch somewhere at Opera as the software company has increased the pace in which they storm through the alpha and beta phase of the upcoming Opera 10.5 web browser. Some users speculate that this could have something to do with the release of the Windows browser ballot screen in March but it is at this point in time a rumor and nothing else.
Opera 10.5 Beta 2 for Windows (Opera for Linux and Mac are in different development stages right now) adds many new features and improvements over the first beta that has been released a while ago. The highlights of the new beta release include many crash, menu and widget fixes, improved overlay authentication dialogs, improved opera:config page and styling changes.

The full changelog of this new Opera release is available at the desktop team blog post about the release. It lists more than a hundred bug fixes and improvements.
This release is mostly fixing bugs and issues that have been detected in previous releases of Opera 10.5. It therefor matches the performance of those web browser releases making it one of the fastest browsers around for now.
Opera 10.5 Beta 2 for Windows can be downloaded from the official Opera website.
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The screenshot is early pre-alpha and not beta 2. There have been some obvious skin fixes since then.
I have taken the screenshot after updating Opera and it says in the about page beta Build 3273
Have you changed the skin by any chance? (to 10.5 clean theme?)
If not,
Right click tab bar > customize > reset toolbar to its defaults.
Do the same for status bar and address bar(you can add the bookmarks folder again.)
Or try a fresh install.
Among other things, the closed tabs button should look more like the windows recycle bin button , the panel button looks different, the dots (between the tab bar and address bar and between address and search bar) are gone, the back and forward button have been merged, the annoying space between the O menu and panels bar is gone.
You can for example compare with the screenshot at DownloadSquad.
Well, I hope that skin fixes include Magic Wand and Reload button, since I need them every few minutes.
Those buttons never went anywhere. The wand button hides itself if there is nothing to fill. reload button is visible even in this screenshot.
Thank you nis for reminding me of something I should know, guess I was tired and forgetful. Btw. awesome browser and it’s getting better and better.
I’ve been using Opera 10 for a while and it’s fantastic. I’m going to wait for a more stable release to try 10.5
I have been using Opera in successive versions for several years now, and have been impressed by the sophistication in the way it handles updates. In those earlier versions (V. 9 and before) there was a provision for designating mail and news servers that were carried over to the next version. Now in V 10.5, I find neither my email nor the entries `Mail’ nor `Tools’ that used to be on the toolbar. Selecting one of the menus on the sidebar displays a list of options, including `Mail’, but it is grayed out and selecting it elicits no response. Is this an error, or is it now a permanent change?
I just tried and was able to configure a mail account and use it. Have you by chance upgraded your previous version of Opera? Maybe something went wrong there?
You’re right–I just upgraded from Opera V 9 to Opera V 10.5. I have tried again to set up the email server, but Help described selections that I could find nowhere, on the toolbar or in the pulldown menus.
I also found I could not select text, let alone order it to be printed.
I’ve always been a big fan of Opera (originally the mouse gestures sold me). Good to see the newest releases starting to bring others on board.