My favorite new feature in 3.2 is the media filter which enables files to be found via combinations of criteria, ie: DV files that are less than 20 minutes that are un-tagged, or mono sorenson video files at 320x240, MPEG2 files over 2GB etc etc (I think you get the idea) When combined with the content filter, this will provide some incredible functionality.
After 3.2 we will fix the Notate window (which has been a little neglected of late) then move on to our full Leopard transition, leaving Tiger behind, but bringing in core-animation, a dynamic clip library, background encoding...etc....
Look for the next update to be here early in the new year.