"There it is, likely the last -rc in before final 3.2, so please do check it out in between your holiday festivities. Most of the changes are faily simple one-liners, but some qla4xxx driver updates stand out and in fact account for about 40% of the diff ("qla4xxx: fix flash/ddb support"). That, together with a VMWare DRI driver update and some dvb updates and the regular random driver fixes means that 80+% of the changes are in drivers," is the bulk of Linus's email announcing this holiday kernel.
With this likely being the last RC, the final Linux 3.2 kernel should be out next week or the start of the new year.
The Linux 3.2 kernel brings a lot of interesting changes and is the release that will be used by Ubuntu 12.04 LTS. While this is shaping up to be a great Linux release, the Linux 3.3 kernel is already looking quite exciting too. That's the release that will carry the ASPM kernel power regression fix, various open-source graphics driver improvements, etc.
Give Linux 3.2-rc7 a shot over the holidays to make sure it's a great release.