The latest version of QGIS, version 2.8 aka QGIS Wien, has been released. Besides along list of new features and improvements (check out the visual change log), this is also the first release designated an ‘LTR’ (Long Term Release).
LTR releases will be supported with backported bug fixes for one year, and will be in permanent feature freeze (i.e. no new features will be added, only bug fixes and trivial updates). This may be particularly important for enterprises and organisations that do not want to deal with updating user skills, training materials etc. more than once per year.
The list of new features and improvements is really too long to summarize here, and there are too many to pinpoint one favourite. So instead I would say, check it out yourself!