Per recent development chats, we’ve worked out a project schedule for 3.2. The scope and objectives have been set. The plan:

March 16, 2011 Confirm planned scope.
March 23, 2011 Confirm planned timeline.
April 30, 2011 Feature freeze. No new features added after this point, so that testing can begin on a stable-ish product (including usabilty testing of new features).
May 11, 2011 Target date for beta 1.
UI freeze and primary code freeze. Any last adjustments based on testing after feature freeze should be finished by now and the focus shifts to fixing bugs to get to a stable beta.
From this point on, no more commits for any new enhancements or feature requests in this release cycle (including blessed), only bug fixes. Any enhancements/feature requests not completed and committed by this point will be punted to future.
June 1 6, 2011 Target date for RC 1. String freeze; translators rejoice.
June 30ish July 4, 2011 Target date for WordPress 3.2 launch.

So: if you have made a 2011 new year’s resolution to get involved in WordPress core development, now’s the time to head on over to Trac and pick a 3.2 ticket (that sounds kind of like a carnival game, doesn’t it?). Get your patches done and submitted as soon as possible, then drum up people to test the patches and leave feedback on the ticket. As stated above, no patches for enhancements or feature requests will be committed after the posted deadlines, so that we can all focus on squashing bugs and hopefully deliver the most bug-free WordPress to date. Wish us luck!