The kernel was released by Linus on Dec. 24th, Among the enhancements:

Ext4 which has now been declared stable, and no longer experimental, will be the successor to the long-standing ext3. It can support a file system up to 1 exabyte in size (that’s 1,048,576 terabytes to everyone else) and single files up to 16TiB.

Ext4 is likely to become the defacto standard file system in most Linux systems, perhaps except the most mission-critical of servers whose admins will likely opt for a file system longer in the tooth (like ext3 or XFS). Ext4 will likely be the file system to go head to head with SUN’s ZFS.

Kernel 2.6.28 will also support laptop disk shock protection, and the minstrel WIFI rate control algorithm.

More details on the other improvements here, and here.

Some more details here, which are easier to digest.

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