Back in early October while we were knee-deep in a pre-release Android 4.2 system dump, Ron found an interesting tidbit of info on a "quick settings" menu. Back then, it was a double pull down notification area that housed absolutely nothing of value. Thanks to today's Nexus/Android 4.2 announcements, however, we know not only what options the Quick Settings area will feature, but also how to really access it.
There are actually two ways to get into the QS menu, as highlighted by Hugo Barra in an incredible behind-the-scenes video put together by The Verge (see the full video here):
As you can see in the above clip, there will be a small toggle in the notification area directly beside the current Settings button, which, when pressed, will cause the notification area to do a neat little flip, revealing the Quick Setting area.