It was just last week that the first KDE 4.12 beta was made, but already the developers are pushing out the second beta. With being under a dependency, API, and feature freeze, there isn't much new stuff to talk about today. KDE 4.12 features a GPG back-end to KWalletD, Python and Scilab back-ends for Cantor, matrix support in KAlgebra, many KDE PIM improvements, KNetWalk has been ported to QML, and other platform work.
Details on today's KDE 4.12 Beta 2 update can be found over at dot.kde.org.
Next up will be the KDE SC 4.12 Beta 3 release next week, the release candidate on 27 November, and the final release on 18 December.