IEV 5.1(1) is not the last version.

IEV 5.2(1) is the last version of IEV.

http://www.cisco.com/cgi-bin/tablebuild.pl/ips-ev

IEV is now being replaced by IME

IPS management Express

IME was just released yesterday.

Both IEV and IME are available at no additional cost to users with up to date service contracts on their sensors.

http://www.cisco.com/cgi-bin/tablebuild.pl/ips-ime

So existing IEV users can upgrade to IME at no additional cost if their sensor service contracts are up to date.

IME can be considered the next generation of IEV.

It can do all of the monitoring that IEV could do, but can also do configuration of sensors running IPS 6.1(1).

IPS 6.1(1) was also released yesterday.

http://www.cisco.com/cgi-bin/tablebuild.pl/ips6

NOTE: IPS version 6.1(1) is required if you want to do configuration through IME, but for monitoring IME can work with 5.1 and 6.0 sensors as well. SO you don't have to upgrade to 6.1(1) in order to use IME.

You can export the alarms from IEV before uninstalling IEV. Then install IME and import the old alarms.

So I recommend installing IME on a secondary machine and trying it for a few days. If you like it then upgrade your primary IEV machine from IEV to IME.