While the X.Org 7.6 release is late, fortunately it's not too important since most of the individual packages making up the X.Org 7.6 katamari have been available for months. X.Org Server 1.9 has been available since August along with many other updated X packages.
X.Org 7.5 was released in 2009 with X.Org Server 1.7 and since that point there was the X.Org Server 1.8 release at the beginning of the year too. Thus in X.Org 7.6 is now officially support for the input class with the xorg.conf configuration, xorg.conf.d support, new input hot-plugging, DRI2 improvements, documentation updates, and much more.
X.Org 7.6 is also the first katamari collection that includes XCB (the X C Bindings) by default as it's required by the updated libX11 and other packages.
Dropped from X.Org 7.6 is Xsdl, which was a KDrive-based server using SDL that was never completed, and also stripped away was frame-buffer support in XF86DGA and multi-buffer extensions in the X Server.
Additional information is on the X.Org Wiki.
X.Org 7.7 will be the next release and should arrive in approximately one year's time with X.Org Server 1.10 or more likely would be X.Org Server 1.11. X.Org Server 1.10 is already schedule for release in February with many new features.