Among the advertised features for this new OpenShot release is improved stability, 3D animated titles (powered by Blender), cursor transitions, new audio/video effects, time-line improvements, an improved theme engine, and new DVD export, among other changes.
A very detailed release announcement for OpenShot 1.2.2 that goes over all of the new features and also provides a demo video can be found at OpenShot.org.
In similar news, the PiTiVi video editing application now has support for video effects living within its mainline code-base. This work was done as part of a Google Summer of Code initiative. This milestone is talked about in this blog post.