XFS in the Linux 3.2 kernel brought large speed-ups for removing certain files, speed-ups and live-lock fixes for sync while doing heavy I/O, and large internal clean-ups of the inode block map handling.
As far as what the forthcoming Linux 3.3 file-system will have in store for the XFS file-system, there is the removal of deprecated pre-delaylog logging code, various quota clean-ups, a shrink of the inode, and great simplification of the file write path. There's also a variety of bug-fixes and code clean-ups.
The user-space program side of XFS has also seen major fixes and speed-ups. The xfsdump utility has also seen long-standing bug-fixes.
The 2012 January XFS status report can be read on the kernel mailing list.