11.3M2 released on February 17th, right on schedule. M2 includes final releases of many major projects that were in prerelease for M1: KDE 4.4, OpenOffice.org 3.2, and VirtualBox 3.1.4.
11.3 is shaping up to be an unusually large update on the desktop, with major updates to KDE and Gnome, as well as the addition of LXDE as a lightweight desktop. Empathy may finally supplant Pidgin as the default Gnome IM client, and Digikam and Evolution both have substantially improved new releases.
Under the hood, kernel 2.26.33 (which is now in RC8) is the working kernel, and hwinfo 16.12 adds new cpu feature detection.
Development tools are also getting a shakeup, with Monodevelop 2.2 (on Mono 2.6), Bootchart 2.0, and a host of updates to the Kiwi imaging system (which powers OBS, SUSE Studio, and openSUSE's LTSP implementation).
Current work is now focused on moving over to GCC 4.5 for the M3 release, scheduled for March 4.
You can always download the current development release at http://software.opensuse.org/developer