has just released Update 3 for Delphi 2005
If you are running a Win32 based configuration with Delphi 2005 the About Box will not be updated to indicate that Update 3 has been installed. This is because the Win32 configurations do not use a package that contains this information.
The package that provides this information to the IDE appears to be delphidotnetide90.bpl.
Naturally if you are running a Win32 configuration, you do not want to include this package as it isn't required.
To verify the update has installed correctly either check the Product Version value in the registry (HKLM\Borland\BDS\3.0\) or look at the timestamps of the files in $(BDS)\Bin\.Update:
My files have a timestamp of 20/04/2005 2:03AM (dd/mm/yyyy). I'm Australian (GMT +10).