In both of these releases there are three security issues that got fixed, additional security enhancements has been added, plus in WordPress 3.1 RC4 a lot of bugs has been fixed. You can easily update both of the WordPress version by simply going to the Dashboard and hitting update. There is one thing for those users updating to 3.0.5 version, they are going to need to update to the latest version of Akismet. In total about 24 bugs were fixed in WordPress 3.1 RC4, which some of them include:
Deleting a user and reassigning their posts to another user. Marking multiple users or sites as spam in multisite. PHP4 compatibility.
If you are testing WordPress 3.1 and if you are having some problems, discuss them with us, but you should also post it in Alpha/Beta area in the support forums, report it to the wp-testers mailing list. Join the development IRC channel and tell us live at irc.freenode.net #wordpress-dev, and File a bug ticket on the WordPress Trac. Useful Links
Download WordPress 3.0.5 Direct download link for WordPress 3.1 RC4 Learn more about WordPress 3.1
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