On the KDE side, early adopters, desktop developers, and testers now have KDE 4.8 Beta 1. New to KDE SC 4.8 Beta 1 is support for Qt Quick in KDE Plasma Workspaces, Dolphin's file view has been re-written for better performance and other benefits, and many other performance improvements throughout the KDE 4.8 stack. There's also the usual assortment of bug-fixes. For those hoping to see early Wayland support in KDE 4.8, it's not happening.
See more about KDE SC 4.8 Beta 1 in this press release. KDE SC 4.8 final is expected to be out in January.
On the GNOME side there's now GNOME 3.3.2 as an early development release leading up to GNOME 3.4 in March. See the details and module changes here.