Actually, Pydev 1.2.1 has been released 2 days ago, but the final Eclipse 3.2 (which is the one that pydev targets) will be released later today, so, I think it's a good time if you were waiting to upgrading to the latest pydev release.
Information on the release for:
- Pydev Extensions: http://www.fabioz.com/pydev
- Pydev: http://pydev.sf.net
Details on its development: http://pydev.blogspot.com