A bugfix release (1.2.1) has been made for the stable series, fixing a crash occuring on some platforms (Mac OS X at least) when saving states with mounted directories.

Meanwhile, development continues on the development branch (1.3.x), see this thread for more information.

Highlights in the development versions are support for OpenGL shaders for fancy effects, translatability and translations (currently German, French, Italian, Polish and Serbian) and experimental JIT support for some platforms.

In other news, information about FS-UAE was added to the UAE Wikipedia entry – it wasn’t me 🙂