This second release candidate for the Linux 3.5 kernel is in "fairly good shape" according to Torvalds himself.
Due to Torvalds' holiday, "If it's not really critical, don't bother asking me to pull, in other words. Think of it as one of those weeks when I try to be hardnosed about things, and get bitchy when people send me irrelevant small
stuff that isn't some major oops-fix." The release announcement in full is at LKML.org.
Linux 3.5-rc2 mostly just consists of the usual driver fixes, architecture and file-system updates, etc.
The Linux 3.5 kernel is quite an exciting update with massive Radeon performance gains and some really compelling features as talked about in this article.