BebopVox filmed this great run-through of the new 12w07a and 12w07b Snapshots. He goes over what's changed, and some of the current glitches.
If you haven't been following along with all the plans for 1.2, this is a great video to get you a little caught up on what's planned for the future.
Keep in mind snapshots are released very, very often and this does not mean that 1.2 is out. Jeb and his team still have a while before they can sift through all the glitches before releasing 1.2!