X.Org Server 1.11 was originally planned for release last Friday, but last week was met by the unexpected passing of Keith Packard's mother. With Keith serving as the release manager and being out of the game last week, the xorg-server release was obviously postponed.
Since the X.Org Server 1.11 RC2 release, there's just been the merging of four relatively small fixes. Assuming there's nothing else that pops up in the next three days, X.Org Server 1.11 will be released on the 26th of August. This was mentioned on the X mailing list.
This release though isn't a huge deal like some past releases since it still lacks some of the input fun and doesn't deliver on really any prominent features. The xorg-server 1.11 release isn't even being picked up by Ubuntu 11.10 but they will keep shipping X.Org Server 1.10 series to avoid a video driver ABI break.
X.Org Server 1.12 should be released in about six months per the X.Org Server development process. Expect more details to emerge next month during the X.Org Developers' Conference 2011 in Chicago.
Lastly, be sure to participate in our 2011 Linux Graphics Survey to collect some valuable user data for open-source developers.