i just downloaded the 1.46 version and it looks good so far.
There is one option that i can’t find. Its the light option in the real time mode.
In the older version it was W, and the you could choose light to effect the object.
Where is that function?
Kind regards,
Ad
Read this thread:http://blenderartists.org/forum/showthread.php?t=119796&highlight=2.46+texture+panel
And its version 2.46 
It took me forever to figure this out. A quick answer for anyone looking at this thread:
For options like Light, Collision, TwoSide, Invisible, etc., make a UV layer (U-key, unwrap),
press Ctrl-F, Face Mode Set.
For Halo, Shadow, Text, Add… go to Texture Face tab in Edit Panel.
You must be in Edit Mode for either one to work.
Personally, I miss UV Face-Select Mode. 
I sure dont, im loving the new way of doing it, its all packed away into edit mode now. It was more time consuming going from edit mode to face select mode and then back again etc etc etc. Now everything is in one neat place 