I'm still using version .84 (with python 2.5). It works perfectly for me. There is also a stand-alone version, but I haven't tried it yet. The biggest issue I've found with Mash is the learning curve when you first start. Once you get used to it, you'll never play without it again.
The best advice I can give is to use Wrye Python. It's written for OB, but works perfectly for MW as well. You get all the python files you need in an easy to install package. You can find it at TESNexus or MMH. You won't need it if you use the stand-alone version, which is based on version .84 of Mash, IIRC.
KF
You should really try http://www.gamesas.com/index.php?/topic/1106095-wrye-mash-stand-alone/ and has two major advantage over original Wrye Mash, which doesn't require python but also the variable installation path of WMSA. Yes you can install WMSA anywhere if you like, but the python-based Wrye Mash
must be installed in the \Morrowind\Moby folder no matter what.
With Wrye Mash Stand Alone you have *more* power to handle if you know what I mean. There is the http://www.gamesas.com/index.php?/topic/1106095-wrye-mash-stand-alone/page__view__findpost__p__16669322 to check/change a couple of thing in WMSA, such as the installation path for Morrowind or the path for the Installers tab.
@KF&Sister: If anyone of you want to use the python-based Wrye Mash I suggest that both of you should use http://www.tesnexus.com/downloads/file.php?id=22368 instead, because python 2.5 is almost outdated now and python 2.6.5 (I know that's for Oblivion but it's working) is much better version for Wrye Mash. I've use the 2.6.5 version my self without any issues before I completely converted to WMSA.