OpenSUSE 11.2 uses the 2.6.31 version of the Linux kernel, and also comes with a kernel specifically tweaked for desktop use. The new default file system is Ext4, but Ext3 is still supported if you're still wary of the new kid in town. For the adventurous, the YaST partitioner can work with Btrfs, too. Work has also gone into better supporting netbooks, hardware-wise.
Desktop-wise, it comes with the usual suspects: KDE 4.3 and GNOME 2.28. There's also the new KDE Firefox and OpenOffice.org integration, hopefully leading to a more consistent KDE desktop experience. As a sidenote: can anyone confirm if the KDE integration for these applications goes beyond a mere theme? As in, if I switch my theme in KDE, will OpenOffice.org and Firefox adapt? In the past, "integration" often meant nothing more than slapping a theme on these applications which did not change when you changed your KDE theme. GNOME has been given a new theme, called Sonar.
Go grab it from the download page!