With some of the earlier 3.12-RCs, Torvalds was disgruntled over the large number of changes still being pushed past the merge window. However, in the past week for 3.12-rc5, the rate of change is normalizing for how it should at this later stage of the kernel release cycle.
As outlined in the 3.12-rc5 release announcement, most of the changes this week are just the usual architecture and driver fixes along with continued work on the Linux file-systems.
For those unfamiliar with the changes to be found in Linux 3.12, see our Linux 3.12 kernel feature overview. The stable release of 3.12 should be out in a few weeks time.