The Linux 3.2-rc4 kernel brought various bug and regression fixes. Notably there were updates to the ARM architecture, the recently-merged Exynos DRM driver, an OCFS2 file-system update, and other small happenings.
The release announcement can be found below while the short change-log can also be viewed on LKML.org. This release comes one week after the Thanksgiving Day kernel.
See this article for some of the major changes that will be introduced in the Linux 3.2 kernel.
This doesn't look tons smaller than -rc2 or -rc3, but it really is. Yes, there are some ARM updates and fixups to the new Exonys DRI code, and a questionably late ocfs2 update, but if you ignore those three areas (and most people can happily ignore them), things really are calming down pretty nicely.
There are some small sound updates, and btrfs is still getting fixups (but nowhere near -rc2 levels), but other than that it was almost eerily quiet.
I'm waiting for the other shoe to drop. Maybe Davem and GregKH are holding back - they've been suspiciously quiet, and I think I can hear some evil chuckling going on there. But maybe it's just time for my meds.