Slackware 12 RC1!
From TFA:
“It’s that time again, and here we have Slackware 12.0 release candidate 1! 
If we’re lucky, we got it all right the first time. Big thanks to the crew.”
On my desktop computers I run few upgraded Slackware 11 and -current machines, so here’s what I see changed after some grep and awk fu.
Gazillion of package updates since Slackware 11. Most notable is kernel 2.6.21.5. (smp, non-smp; speakup), gcc-4.1.2, kde 3.5.7, amarok, k3b, Mozilla stuf (Firefox, Thunderbird)…
Many things that I had to install on my own are now in Slackware: mcabber, bluetooth stuff (bluez-* + openobex); nano, knemo, sdparm, openvpn, kvpnc, gpgme, gnutls, libgpg-error…
Since Slackware 11 there’s also lots of other important stuff (that i don’t use) such as Hal, dbus, gnupg2, modular xorg ~ 7.2-7.3 with xgl, compiz, new (open source) video drivers for intel, nvidia, ati, s3… fonts…