The X.Org Server 1.11 RC2 tag was made via this Git commit. Only critical fixes will be accepted until the release later in the month.
Compared to X.Org Server 1.10, the 1.11 release doesn't add too much to the table besides fixes and other small enhancements. Ubuntu 11.10 isn't even bothering to upgrade to the xorg-server 1.11 release.
Following the X.Org Server 1.11 release, there is then the X.Org Developers' Conference in Chicago.