As usual for the monthly point releases, the KDE SC 4.7.4 release brings various bug-fixes and translation updates. For more details read the release announcement.
The second beta of January's KDE Software Compilation 4.8 further stabilizes the platform and preps for it to be integrated into Ubuntu 12.04 LTS, Fedora 17, etc. Noteworthy in KDE 4.8 Beta 2 are enhancements to Qt Quick in the Plasma Workspaces, the Dolphin file-manager file view has ben rewritten for a better UI and greater performance, and there's many other performance improvements throughout the KDE stack. But if you're hoping to run KDE 4.8 on Wayland, you're out of luck.
More details on KDE 4.8 Beta 2 can be found in its KDE.org announcement.
Last but not least for today's early Christmas presents from the KDE camp, KDE Telepathy 0.2 was released. KDE Telepathy 0.2 features KWallet integration, Plasmoid support, auto-away, a progress bar on file transfers, over 120 bug-fixes, and many other changes. KDE Telepathy is KDE's new instant messaging client for Jabber, GMail, Facebook, and other protocols/platforms. Details are at dot.kde.org.