Among the many changes for the Linux 3.4 kernel are:
- Lots of open-source graphics DRM driver changes.
- Intel Sandy Bridge performance improvements.
- Many Btrfs file-system changes.
- Continued power management work and new power management phases.
And much more. Linus is also looking at still pulling the HSI (High Speed Synchronous Serial Interface) framework, the new POHMELFS, DRM DMA-BUF PRIME support, and the DMA-mapping framework.
The Linux 3.4-rc1 kernel release announcement can be read at LKML.org.