  We study the implication of the recent measurement by the BELLE collaboration
of the averaged branching fraction $\bar B_{exp} [B \to (\rho, \omega) \gamma]
= (1.8^{+0.6}_{-0.5} \pm 0.1) \times 10^{-6}$ for the CKM phenomenology.
Combined with the averaged branching fraction $\bar B_{exp} (B \to K^* \gamma)
= (4.06 \pm 0.26) \times 10^{-5}$ measured earlier, this yields $\bar R_{exp}
[(\rho, \omega) \gamma/K^* \gamma] = (4.2 \pm 1.3)%$ for the ratio of the two
branching fractions. Updating earlier theoretical analysis of these decays
based on the QCD factorization framework, and constraining the CKM-Wolfenstein
parameters from the unitarity fits, our results yield $\bar B_{th} [B \to
(\rho, \omega) \gamma] = (1.38 \pm 0.42) \times 10^{-6}$ and $\bar R_{th}
[(\rho, \omega) \gamma/K^* \gamma] = (3.3 \pm 1.0)%$, in agreement with the
BELLE data. Leaving instead the CKM-Wolfenstein parameters free, our analysis
gives (at 68% C.L.) $0.16\leq |V_{td}/V_{ts}| \leq 0.29$, which is in agreement
with but less precise than the indirect CKM-unitarity fit of the same, $0.18
\leq |V_{td}/V_{ts}| \leq 0.22$. The isospin-violating ratio in the $B \to \rho
\gamma$ decays and the SU(3)-violating ratio in the $B_d^0 \to (\rho^0, \omega)
\gamma$ decays are presented together with estimates of the direct and
mixing-induced CP-asymmetries in the $B \to (\rho,\omega) \gamma$ decays within
the SM. Their measurements will overconstrain the angle $\alpha$ of the
CKM-unitarity triangle.
