Hash has just made the first public alpha of V12 available for download. This is part of the 2005 subscription so if you have your 2005 CD you should check it out.
New features and other neat stuff :
SimCloth. Hash are bringing this plugin (originally for Max) over to our beloved program the results at this stage are very promising but not perfect But as cloth is the major focus for this version we can expect to see improvements
Composite. Hash have added OpenEXR support to A:M allowing you to render out light buffers for your scene to tweak into a composite. They are also working on features to beef up A:M’s internal compositing capabilities.