WipeOut wrote:

I guess the subject says it all.. :)

yes! Redhat releases updates (generally) quarterly for RHEL. the number after the dot represents the approximate RH quarterly update for CentOS.

I am still new to Centos so I am not sure on the upgrade path and what is the best way to stay up to date..

Unless you have a critical need for centos 3.3 or are running Mailman, just follow the upgrade procedures or wait until it happens automatically (3-4 days).

Will updates for 3.3 still be added to the yum repo or do I need to upgrade/update my system to 3.4?

For a while yes. Forever no. If you read the entire release announcement it includes a description of the situation that would cause copy back up security updates to the 3.3 tree to end.