Release candidate 1 was pushed just a few days ago, with the expectation that 3.5 will be released in a few weeks. The WordPress Codex says that date will be December 5, 2012. There are still a handful of issues outstanding.
WP 3.5 is going to be different. Just Google for “WordPress 3.5 change” to see the numerous posts on this topic.
Here’s the short list of major changes:
- Links are gone, but if they are important to you, a new plugin will keep them around.
- Twenty Twelve is the default theme, although the support threads still show some problems with it.
- The color picker is new.
- You can “favorite” your plugins, making them easier to install on another site.
- The entire Media section has been overhauled — this is probably what you’ll notice first.