There's also smooth scrolling support.
X.Org Server 1.12 RC1 is the first development snapshot that integrates X Input 2.2 with multi-touch support and pointer emulation. This is the big feature of X.Org Server 1.12.
While there's input excitement, there's nothing too great on the output side. X.Org Server 1.12 still lacks RandR 1.4, which is supposed to bring per-CRTC pixmaps and the capabilities for NVIDIA's binary driver to more easily support this X extension, but now that's pushed back until at least the second half of 2012.
Sadly, the server-side GLX_ARB_context_create extension patches as needed for OpenGL 3.0+ also weren't merged into X.Org Server 1.12.
Aside from the mentioned highlights, there isn't too much else to get excited about in X.Org Server 1.12. Canonical also won't be shipping this new release with Ubuntu 12.04 LTS but they just plan to back-port the input work.
The light X.Org Server 1.12 RC1 announcement message from Keith can be found on the X mailing list. The release tracking bug for 1.12 can be found on the FreeDesktop.org BugZilla.