Keith Packard put out X.Org Server 1.12 RC2 (a.k.a. xorg-server 22.214.171.1242) as the last release before the non-critical bug window closes in one week. While eating chocolate and drinking beer next weekend, Keith Packard intends to release X.Org Server 1.12 RC3 during FOSDEM 2012 in Belgium.
X.Org Server 1.12 RC2 includes a wide variety of bug-fixes from many different developers. Still on the FreeDesktop.org BugZilla are more than a dozen open bugs that are blocking the 1.12 release, which is expected to be ready for release by March.
Meanwhile, in the stable tree, Jeremy Huddleston released X.Org Server 1.11.4. "Version 1.12 of xorg-server is in convergence, so changes landing in the stable branch are starting to trickle down. This release contains fixes for various crashes and other correctness issues fixed since the previous release."
With 1.12 due out soon, Jeremy only plans on doing one more 1.11 series point release. X.Org Server 1.11 is what Canonical is shipping in Ubuntu 12.04 LTS, or rather a 1.11 "franken-server" (as they call it) that is based upon the 1.11 series but with back-ported X Input 2.2 (Multi-Touch) and various other work brought back to this older release series.