For those not familiar with Linux Containers, it allows running multiple Linux systems on a single host while each guest system is an isolated environment. What makes LXC different from KVM, Xen, and other common virtualization methods is that it doesn't provide a virtual machine but rather its own virtual environment. Those wanting to learn more about LXC itself can do so from the SourceForge project page.
In terms of what was discussed on Tuesday during the LXC session for Ubuntu 12.04 LTS, development plans include providing a default bridge and lxc.conf configuration, proper reboot support, container-ized system logs, ARM support, better testing, AppArmor support, and various other small changes. Nothing too major is planned for during the Precise cycle since this is a Long-Term Support release and they don't want to "rock the boat", as one of the developers said.
There's also other plans for LXC virtualization on Ubuntu 12.04, as talked about on this session notes page.