LLVM 3.2 Release Candidate 1 was released in mid-November and now there's a second RC ahead of the final release towards the middle of December. With LLVM 3.2 having been branched weeks ago, just going into the code-base for RC2 are various bug/regression fixes.
Among the changes for LLVM 3.2 is better PowerPC compiler support, an automatic loop vectorizer, Polly improvements, ARM improvements, some performance improvements, and various other work to be detailed in Phoronix articles leading up to the LLVM 3.2 official release.
The official LLVM 3.2-RC2 components include LLVM (obviously) as well as Clang, Compiler-RT, DragonEgg, and the LLVM Test Suite. Aside from packing up the source-code to these components, there's also 64-bit binary releases targeting Apple Darwin 11, FreeBSD 9, and Linux/Ubuntu 12.04.
The one sentence release announcement with download link can be found on the Clang mailing list.