Thanks Cactus,
I have checked, my fully updated SME 7.4 is with 2.6.9-78.0.22 kernel, and Centos 4.8 was released August 21st and according the release notes it should be kernel-2.6.9-89.EL. It appears that the Centos 4.8 updates are not released for SME 7.4, but I might be wrong though.
From August 21st I didn't get any notification for large pile of updates which certainly should be the case with the Centos 4.8 updates, unless the updates were published earlier or the release notes are only for the Centos 4.8 iso.
Regards,
Miro