When we officially started on 5.2 in March of 2006, we had several goals. I think we achieved most of those. We also accomplished some unplanned things. Our hackathon (me and maurice slept about 8 hours in 4 days I think) at MySQL Conference 2007 helped a lot. Remember, you can help us get there again by donating to our fund.
Updates include a new template for the forum, new PAI layers and more hooks to call them, better MySQL support, improved bundled modules, a new announcement system and a new, restructured search functionality.