Some screenshots of the new KDE 3.2 alpha builds can be found here and here. Changes I've seen from a quick look appear to be a new konqueror look (a la finder), better file selector dialoge (with preview integration of files such as mp3), new protocols to go with fish:// such as fonts:/ and system:/, new itunes clone mp3 player, nicer background options (run apps like xearth), better anti-aliasing options, mouse cursor selector, ximerama config, better bookmark management in konq, nicer tabs in konsole, nicer preview throughout, and a ton of other stuff. Once it's compiled I'll have a better idea how much of a huge update it is :)