In a post to the official CyanogenMod blog today, arcee announced that the first CM7.2 release candidate, based on Android 2.3.7, is ready to go for 70 devices. The entry also notes that 7.2 brings with it a few backported features and fixes from Android Ice Cream Sandwich, as well as a few completely new features. Those interested can see a complete change log here.
Since 7.2 is still in its release candidate stage, arcee notes that users are welcomed to report any bugs they encounter while running RC1:
As usual, you can submit bug reports on these builds: if you find anything broken in your device while running CM7.2-RC1, (as downloaded from our mirrors or ROM Manager!