Linux-3.5 is out, go get it.
Changes all over with almost 60% of the patch being drivers (mainly networking, GPU, media and sound, but it's all over), 20+% arch updates, and 20% being "rest" (fs, core kernel code, core networking, tools, docs).
It's been fairly calm, so there shouldn't be any huge surprises there. As usual, you can find descriptions of the new stuff on sites like H-Online or Kernelnewbies. Stuff like filesystem tweaks, CoDel, structured logging, firewire target mode etc etc.
Go for it!