According to Joomla, this new release will be their "biggest ever" with regards to bug fixes and new features. As of the 11th of October, approximately 45 individuals were helping to contribute to 670 new commits, excluding testers and other non-coding activities, for which there's an entirely separate team.
All of these contributors have worked hard to fix more than 200 bugs since the release of Joomla 3.1.5. As well as the removal of bugs, there's also a whole stack of brand new features, including an improved template manager, a switch to turn mail sending on or off, two factor authentication, multilingual site automatic installer, and many more!
As the third standard-term support release in the Joomla 3 series, this upgrade is one-click and a full migration is not needed from 3.1 to 3.2. Conveniently, this is the case for all current and planned future releases in the 3 series. However, it's important to note that production sites should not be changed to 3.2 Beta, as it is a beta in the truest sense of the word and is only for testing - there is no upgrade path available from the beta.
No background compatibility problems are expected to occur with the release of 3.2, but developers are being encouraged to use 3.2 and explore the new features available when developing and testing any new extensions.
If your site is still using Joomla CMS 2.5 and you aren't planning any major design/template changes, there is currently no need for you to upgrade to version 3 or above. Support for 2.5 will continue to be offered until December 31st, 2014.
If you are using Joomla! 1.5, however, you need to upgrade immediately. Support for this series ended officially in April 2012, and unofficially in December the same year. Although your site will still 'work', per se, you are now extremely vulnerable as security patches and fixes are no longer being released for series 1. If you need to upgrade from 1.5, the migration will be a relatively lengthy process, and for this reason it's preferred that you go straight to Joomla! 3 to avoid another mini-migration from 2 to 3 later on. If this is the case for you, you can get in touch through our User Support system and discuss upgrading your CMS now.
If you have any questions about updating or creating a website feel free to get in touch with us at our Contact page, Facebook, Twitter and Google+ pages.