Mageia 3 Beta 1 came more than one month ago, but now there's a second beta after its release was drawn out due to open issues. The release announcement for the second beta notes it was "a real release full of server failures and bugs."
Mageia 3 Beta 2 is shipping with an early Linux 3.8 kernel, systemd 195, GRUB2 as an experimental option while GRUB Legacy remains the default, OverlayFS for LiveCDs, LibreOffice 4.0 RC2, and packages are compressed using XZ rather than LZMA. KDE 4.10 RC2 is available on the desktop as well as GNOME 3.6.2 and the Qt-based RazorQt desktop.
More details on Mageia 3 Beta 2 can be found from the Mageia Wiki and Mageia Blog.