The team has been focused on doing a pretty extensive QA cycle for the CiviCRM 2.2 release. We have approx 10 issues to resolve and another 10 issues to verify. 2.2 seems to be looking quite good so far :). The list of features, improvements and schedule is on the 2.2 wiki page
We do need a lot of community help to debug and ensure the quality of 2.2. Please take some time to test some of your favorite features on the CiviCRM 2.2 Sandbox. We do a code update of the sandbox on a daily basis and a database refresh a couple of times a week. We plan to have an alpha release in the next week or so. Would also help the team a lot if folks picked a few new features and ensured that they work as specified in the issue (we do try to put a fair amount of details in the issue).