If you haven't checked out the front page, 1.2.5 is going to be released. It will first be released as a snapshot, then as a full release. Check it out for yourself. http://www.minecraftforum.net/
Says API will come with 1.3. Good thing?
Just checked out Jeb's twitter, snapshot should be out tomorrow, while the full 1.2.5 will be out next week. At least they give a head's up