Kernel release status
The current development kernel is 3.4-rc5, released on April 29. "
And like -rc4, quite a bit of the changes came in on Friday (with some more coming in yesterday). And we haven't been calming down, quite the reverse. -rc5 has almost 50% more commits than -rc4 had. Not good." That said, what's going in is mostly fixes; see the announcement for the short-form changelog.
Stable updates: the 3.0.30 and 3.3.4 updates were released on April 27
with the usual set of important fixes.