Well it is out. Slackware 12.0 was officially released earlier this evening. Sporting a spiffy current kernel (at present anyways) and all sorts of other upgrades. To get the full details check out slackware.com.
I myself will not be upgrading right away. As I am not a fan of full install and I am a fan of building my own kernels I will wait a bit longer. Since my system is running extremely well with 11.0 why mess with it? Perhaps shortly after the kernel version 2.6.22 is out I will look into wiping my drives and installing 12.0. That should not be to far off. Plus this will give things a little time to hit any bumps that may come along.