Is due for release on 21st October.
Miles Jacobsen has been releasing blogs about new or updated features in the game here: FM12
To be honest, it just looks like the normal bunch of touch ups and updates that they do every year to keep it fresh. However one new thing has caught my eye, you can now add or remove leagues during your career. So if you decide to move region and no longer need certain leagues then you can remove them so that the computer doesn't have to work out results for the league throughout a season.
For example, if you move from Celtic to the Kashima Antlers in the J-League, you can deselect the SPL and no longer make it an active league. This will be great for journeymen players like me who would happily manage a team in the Namibian regional 2nd division if it didn't mean having to activate every league in the entire world.