Release information on Ubuntu 12.10 Alpha 1 is available from this Ubuntu Wiki page. Key highlights though include shipping the Linux 3.4 kernel, integrating the GCC 4.7 compiler, updating to Python 3.0 for the Ubuntu desktop image, Firefox/Thunderbird are at version 13, Ubuntu Update Manager has been refreshed, some GNOME 3.4 packages have been pulled in, and there's a variety of other changes.
The release announcement from Kate Stewart is available on the mailing list.
Ubuntu 12.10 is slated for release on the 18th of October. For more of the Quantal Quetzal plans, see the Ubuntu 12.10 coverage so far from Phoronix as well as my notes from the UDS-Q summit in Oakland.