1.2.2b3 will probably be the final release before 1.2.2, though there may be a release candidate. I expect to release 1.2.2 during PyCon 2007.
Good news for Windows users: The Windows build should now work out of the box without any patching or hacking, so long as you are building against MySQL-5.0; if you are building against another version, minor hacking is required for now. As usual, I do not (and can not) make Windows binaries. If you have one to contribute, let me know. Most likely users will want MySQL-5.0 and Python-2.4 or 2.5, which means two different builds. Please build against stock packages (i.e. the python.org and mysql.com ones).
If it makes you feel any better, I don't build packages for Linux anymore either. But then, the Linux vendors seem to have that covered, so I don't have to.
1.2.2 will almost certainly be the final release of the 1.2 series. I have some fixes that need to be merged back into the trunk before I can start working on 1.3/1.4/2.0 again.
If you have any interest in working on new features for the trunk, let me know. One of the big features that will need a lot of work is the prepared statements API. You will definitely need to be a good C coder to work on that. A couple people have previously offered to work on it in the last year; yes, I am talking to you.