Current release is R12.1.3 (but you already knew that!). Enhancements coming with R12.2 include Online Patching (20 years in the making) based on a database feature specifically requested by the E-Business Suite group called "Edition-Based Redefinition". The expectation is that you will be able to apply patches of any size with minimal downtime (less than an hour, target is more like 15 minutes). (I will discuss this feature in a more in-depth posting later).
Other enhancements include integration with Endeca to provide an e-commerce shopping experience to many of your ERP business processes. (I've heard the "shopping for shoes" reference three times already at OpenWorld when discussing this feature). Cliff Godwin provided an interesting demo of this feature during his presentation earlier today. It is expected that this capability will be released "within the year". Cliff made a point to indicate that initial releases will cover several modules (I believe it was eight at initial release) but that new modules and Endeca-related features should come along quickly (due to the rapid development cycles available with Endeca). He was unclear, however, as to whether the Endeca feature set will be available on releases prior to R12.2.