With today's status report, GCC 4.7 development has left stage one and is now into stage three. (There is no longer any GCC stage two development since the extension of stage one.) Stage three is a development period for approximately two months where only bug-fixes are allowed. New GCC ports not touching other areas of the compiler are also allowed.
Jakub mentions in this new status report that the aim is to get the GCC 4.7.0 release at the end of March to mid April in 2012.
The bad news from this status report is that the number of P1 regressions is up by 15 (the most severe regressions, with a total count now at 46), but there's ten less P2 regressions (a count of 99), and there's four less P3 regressions (a count of 24).
The 8 November 2011 status report about GCC 4.7 can be found on the GCC mailing list. Also be sure to check out my recent GCC benchmarks.