The latest release date for v1.2, according to the announcement PDF, was "October 2011". Seeing how many times this feature has been pushed back over the months, I won't be surprised if it doesn't end up releasing in October.
So is it out yet? :D
Yes - can we get some official word on this. Its now November!
Official word is this: We are in controlled release which means its running on production servers with full support, but hasn't been pushed to being generally available. Official notification and GA announcements will go out when we have gathered enough data from the controlled release. If you would like to do an upgrade now please open a support ticket.