The Subversion team has released the first release candidate of the 1.2 product. Detailed release notes are also available, explaining the new features.

The features explained in summary in the release notes include:

• new locking feature (exclusive locks)
• full WebDAV autoversioning
• faster binary decompression
• a large number of improved API’s

You can find the source tarball on the download site. View the actual announcement on the announcement mailing list archive.

It looks like the official Subversion Source Repository is already running this version.