FreeDOS developers are hoping to officially release 1.2.0 on Christmas of this year. Details on FreeDOS 1.2 changes can be found here. FreeDOS 1.2 is coming four years after FreeDOS 1.1 and ten years since FreeDOS 1.0, representing quite a lot of changes for this project striving for a completely-free, DOS-compatible operating system. This is the last planned test release before next month's official debut.
Today's FreeDOS 1.2-RC2 announcement can be found via this blog.