While the development team is working the hardest on fixing bugs in Asterisk 1.2 and 1.4, we are also adding new features into our development tree that will eventually become Asterisk 1.6. Most of the biggest features that will make it in to this version have not been merged yet. However, I wanted to post a link to where you can go read a list of some of the features that have already been merged.
This shows the contents of the CHANGES file in the development tree. We update this file as we add new features.
http://svn.digium.com/view/asterisk/trunk/CHANGES?view=markup
Enjoy!