Highlights of Wine 1.2 include support for 64-bit application support and new graphics/icons. With the 23,000 changes is more than 3,000 bug-fixes. Some other features include support for symbolic links within their Windows registry implementation, better XDG support, sub-pixel font rendering, and greatly enhanced Direct3D support. When it comes to the Direct3D support, FBOs (Frame Buffer Objects) are used by default for off-screen rendering, a large portion of the DirectX 9.0 specification is now implemented, fog handling is improved, and many new OpenGL extensions are supported.
Additional details are available for the release notes found at WineHQ.org. Soon enough the Wine developers will return to releasing the usual bi-weekly development snapshots that will be in the Wine 1.3 series while Wine 1.2.1 and Wine 1.4 will come at some point in the future.