The X.Org 7.4 release schedule places the X Server 126.96.36.1991 release this coming Friday, X Server 188.8.131.522 on March 14 or 21, X Server 184.108.40.2063 on April 4 and would also mark a freeze where only fixes would be allowed into X Server 1.5, X Server 220.127.116.111 with an X hard-freeze, and on April 25 is planned the final release of X Server 1.5 / X.Org 7.4. Permitting everything goes as planned with this release schedule, it will be released ahead of May.
While there have already been features planned for X.Org 7.4, some of the items in particular that Adam Jackson wants to see addressed is pciaccess, input improvements, RandR 1.2 initial configuration changes, and many X.Org bugs just need to be eliminated. There still is nearly two dozen X drivers not utilizing libpciaccess, but Adam would like to see this change in time.
An X.Org 7.4 tracker/blocker bug has been created and is Bug 10101. Comments and discussion surrounding this X.Org 7.4 news and Adam's announcement can be read on the X.Org mailing list.