Most notable to this latest bi-weekly Wine development release is an optional Start Menu in desktop mode and more Direct3D command stream preparation work. The ongoing Direct3D command stream work for Wine is capable of providing dramatically better performance. In Wine 1.7 development releases the past few months have been various prep work landing but the bulk of the D3D command stream work is still forthcoming.
With Wine 1.7.11 there's been more Direct3D command stream preparatory work landing, but the most important work is still coming. A few days ago I wrote an update to this ongoing work largely led by Stefan Dösinger at CodeWeavers.
Other Wine 1.7.11 changes include Uniscribe support in RichEdit, support for condition variables and Slim Reader/Writer locks, improved support for vertical font metrics, and various bug-fixes. There's 46 known bug-fixes in this latest bi-weekly Wine version.
More details on Wine 1.7.11 can be found at WineHQ.org.