From the WordPress Development Blog:
I am very proud to announce the immediate availability of the much-anticipated 1.2 “Mingus” release of WordPress. You can download it through the usual methods, though it usually takes a few hours for the SourceForge mirrors to catch up with everything. There are so many new features it’s almost too much for this post, but I’ll squeeze them in. You can view the full changelog on the wiki.
There you are – real progress.