We encourage you to talk with your hosting provider to make sure PHP 5.4 support is available so that you can stay up to date with the latest and greatest of Elgg.
I just merged the pull request that bumps the Elgg 1.10 requirement to PHP 5.4.
There are two main reasons for this switch:
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@Evan Winslow
Just a little note: We do provide support for PHP 5.4 as well as other PHP versions. We are ready for elgg 1.10