Key work that was completed during the 12.2 Milestone 3 cycle was moving to an i686 desktop kernel for openSUSE 12.2 32-bit systems, integrating the KMS-based Plymouth boot splash screen, and integrating several important package updates. Some of the package highlights include GNOME 3.4, LibreOffice 3.5.2, and KDE SC 4.8.2.
Besides Plymouth being merged, GRUB2 as the openSUSE boot loader is ready to go too, except for the LiveCDs. The milestone three CD/DVDs aren't able to install GRUB2, but that should be fixed up for the next milestone. Also hopefully hitting openSUSE 12.2 Milestone 4 will be the GCC 4.7 compiler and all of its improvements.
Still being debated within the openSUSE community is whether the user move/migration and if to use tmpfs for the system's temporary directory.
Jaeger's openSUSE 12.2 Milestone 3 release announcement can be read on the project's mailing list. No word has been given at this time whether openSUSE will be expanding its fledging Linux beer business or if there may be an openSUSE Maibock this season. ;)
The openSUSE 12.2 public release is currently scheduled to take place on the 11th of July.