Manjaro developers have been preparing for this release for the past two months and it was finally realized today.
Manjaro 0.8.7 is shipping with the dated Linux 3.4.59 kernel but at least it's an LTS kernel, X.Org 1.14.2, and includes the very latest open-source and proprietary drivers. Manjaro 0.8.7 also offers better PulseAudio support and PA-Mixer replaces Pn-Mixer and the VolumeIcon previously used in the Arch-based distribution.
The version of Manjaro 0.8.7 shipping with the Openbox 3.5.0 desktop now also includes Octopi 0.2.0. Octopi is a new front-end for Arch's Pacman package management system. Arch's whole AUR repository now extends the official Manjaro repositories. Pacman 0.7.5.2 is still used on the Xfce 4.10 version of Manjaro.
More details on the new release of Manjaro 0.8.7 can be found via the release announcement at Manjaro.org.