The Fedora team has announced the Fedora 11 beta release. It comes packed with new features, such as Ext4 as the default filesystem, Nouveau driver by default, kernel mode setting on Intel, ATI and Nvidia drivers, many virtualization improvements, IBus input method, GCC 4.4, and much more.
Fedora 11 comes with a load of upstream improvements, thanks to the inclusion of the latest GNOME (2.26) and KDE (4.2.1) releases. It also has experimental support for the Btrfs file system, which may become the default file system for most Linux distributions in the future. Note, though, that Btrfs is really, really volatile at this point. For more information on new features, please read the release notes.