Along with a new Windows client and server versions, the team has released a new Android version:

http://forum.teamspeak.com/showthread.php/81908-Required-preparations-to-get-started-with-the-Android-Beta

You have to uninstall the old one, first (though as of now with our current 3.0.8 server, it still works. I expect this new client will be required once we update our server). I have yet to install it, but it apparently a big jump in terms of features and audio quality.

I'm gonna have to look into this  -Thanks Abram

...and today they released the final version today. It costs a couple bucks, and they disabled the Beta. Annoying.

I got it and it works awesome, just set it up HooRah!!

Latest version has an option for  a small PTT Overlay button that stays app other apps.  Very nice.