I’d strongly suggest that the WordPress folks take a breather, walk outside, relax, and then come back and think about where we go from 1.2.
As I’ve suggested before, I think that WP 1.2 is mis-versioned; I feel like 1.0+ was WP 0.8-ish, with what we have in 1.2 a true, credible 1.0 release.
I would love to see WordPress scale down the model laid out by the Mozilla project: regular releases with feature roadmaps. For example, Asa Dotzler just announced a change in the Mozilla release scheme, going from three-month cycles to twenty-week cycles:
The new milestone plan will contain one additional alpha cycle and lengthen the alpha and beta cycles some giving us: alpha1 (6 weeks,) alpha2 (6 weeks,) beta (5 weeks,) and final (3 weeks.)
The obvious question for WP is now going to be: Quo vadis? In answering that, a little time for introspection and planning will be good.
Maybe it’s just me, the inveterate planner, speaking … who knows.
 Crap, I forgot to end with my closer: open code is one thing; a fully open project is another. I, as a user, want to know where we’re going from here.