Today at WordCamp San Francisco, Matt Mullenweg presented the plan for the upcoming 3.7 and 3.8 releases of WordPress. In a nutshell, they will be small, developed in parallel, and (assuming all goes to plan) both released by the end of 2013.
This is hugely exciting!
The plan for these two releases makes sense and will help keep our code both robust and rapidly developed. It also paves the way for what I think would be the ideal plan for WordPress 3.9 and 4.0.