While all major development work is now happening on X.Org Server 1.12, the 1.11 series is still being maintained with bug-fixes and other minor work. This is important since the X.Org Server 1.11 series is likely what will end up being used by Ubuntu 12.04 LTS. Among the distributions shipping with X.Org Server 1.11, which was originally released in August, is the soon-to-be-released Fedora 16.
There's still several known issues, but overall this release has many fixes, in the areas of DIX, XQuartz, etc.
The release announcement of xorg-server 1.11.2 is available here.
Meanwhile the AMD Catalyst driver still doesn't support the X.Org Server 1.11 series, but it will later in the month.