The goal of this release is to provide additional publish functionality, camera raw support, lens profile support and address bugs that were introduced in previous releases of Lightroom 3. (A comprehensive list of issues fixed in this release is included below.)
Lightroom 3.2 New Features:

Publish functionality has been added for Facebook and SmugMug
Numerous lens profiles have been added. Please visit http://blogs.adobe.com/lightroomjournal/ for the complete list.
Lightroom 3.2 Known Issues:

A mixture of Japanese and English strings appear in the Japanese language SmugMug interface
A Japanese language file name is not properly preserved when uploading images to SmugMug
Lightroom 3 Bugs - Fixed:

Develop: A custom aspect ratios get rounded to nearest standard ratio when adjusting crop overlay
Develop: A history state is incorrectly added after creating a preset that includes a graduated filter or lens profile correction
Develop: In the crop mode the X key sets a photo to reject instead of rotating the crop (Windows only)
Develop: Lens profile corrections were synced even when they were not selected in the sync dialog.
Develop: The escape key incorrectly applies a crop after a CTRL/CMD right arrow with the crop tool enabled
Develop: The local adjustment brush could have a very slow first stroke when exposure is the selected adjustment
Develop: The Live Loupe view on a second monitor could become unresponsive when switching images in the Develop module
General: Certain menu items were missing from the Windows version of Lightroom
Help Documentation: Inaccuracies and translation errors were corrected throughout the help documentation
Import: Copy as DNG selection not remembered for subsequent imports
Import: For some devices the import dialog did not allow directory browsing
Import: Import image number sequence is not incrementing properly
Import: Panels in the import window fail to scroll via the mouse wheel in some multiple monitor configurations
Import: The EXIF renaming token was not available
Import: Windows could crash when attempting to import video files
Library: Sub-optimal preview rendering performance could impact application performance
Library: If a directory tree is collapsed prior to closing Lightroom it will appear expanded after re-launching the application
Library: 1:1 preview generation could appear to repeat itself for DNG files
Library: Importing keywords causes a catalog to hang when imported keywords already exist in the catalog
Library: Attempting to drag and drop a folder when multiple folders are selected removes a folder
Library: Cancelling a catalog backup can require an excessive wait time before the cancellation is complete
Library: Cancelling a catalog export process could require an excessive wait time
Library: An internal error could occur when published smart collection conditions are updated
Library: Choosing to apply recent keywords in a keyword set would cause the recent keywords to reorder
Library: Clicking the metadata flag on an image in the filstrip acts incorrectly on the selected image in the grid view
Library: Failed publish comments remain in the comment box across different images
Library: Flickr Publish Collection publishes to a Photostream in the reverse of the expected order
Library: Grid scrolling in a publish collection with the hand tool could fail (Windows only)
Library: Importing from a catalog fails when both catalogs contain images from the same folder
Library: In Smart Collections a hyphen ("-") Is now treated as a word delimiter for "contains words"
Library: In the IPTC Date Created field the seconds could be incorrectly removed on writing to XMP
Library: Lightroom 2 search criteria "+abc" meant "starts with abc" and "abc+" meant "ends with abc". This was reversed in Lightroom 3
Library: Moving a stack to another folder only moves the top image and unstacks the remaining images
Library: Panning an image at 1:1 while the image is still loading can cause Lightroom to crash (Windows only)
Library: Ratings and Labels were not propogated to a TIFF or PSD file created for an Edit in External Application workflow
Library: Saving metadata on a folder is inccorectly labeled as "undoable"
Library: Scrolling or louping through many photos can cause Lightroom to start paging aggressively
Library: Setting "Caption is Empty" in a smart collection failes for some images
Library: Setting "Rating is Zero" incorrectly includes all images in a catalog
Library: Setting rating "is not" in a smart collection fails to include unrated photos
Library: Smart collection exposure time incorrectly limited to 1,000 seconds instead of 100,000 seconds.
Library: The "metadata for this photo has changed" dialog box lacks clarity
Library: The keyword list will fail to display properly if there are database integrity problems
Library: The save metadata command was incorrectly available when a video file was selected
Library: There is no warning when incorrect data types are entered into IPTC fields
Library: Updating DNG Previews and Metadata is incorrectly labled as "undoable"
Library: Upgrading a Lightroom 2 catalog via the import catalog function will fail if duplicate files are present
Library: Using an exclamation point in search criteria fails to work properly
Print: A faulty or corrupt print template could cause a "nil" error message when changing templates
Print: Image loses "pan" position when placed in cells that are not big enough
Print: Lightroom could crash while preparing a print
Print: The Print to JPEG save dialog box resets for every save
SDK: A URL could fail to open properly in a web browser (Mac only)
SDK: Calling info.publishedCollection:getName() from within updateCollectionSettings() causes "can only wait within a task" exception.
SDK: copyrightState was not documented (Will be corrected when documentation is posted with the final release)
SDK: Errors during collection or collection set update callbacks are not recognized when a collection or collection set is created
SDK: Function "withPrivateWriteAccessDo" lacks clear behavior documentation (Will be corrected when documentation is posted with the final release)
SDK: Lightroom does not respect the default system web browser (Windows only)
SDK: Per comment URLs were incorrectly included in the documentation (Will be corrected when documentation is posted with the final release)
SDK: Plug-in error reports "nil" instead of proper filename
SDK: Renaming a publish collection dissasociates it from collectionSettings
SDK: setEditedFlag does not work as intended
SDK: The publish icon size was incorrectly documented as 26 pixels instead of 24 pixels wide
Slideshow: Exporting a video that will overwrite an existing video that is currently being played will cause Lightroom to crash (Windows only)
Tethered Capture: The develop settings text was misaligned (Windows only)
Web: In-line editing of Site Info stops working if a number is entered
Web: Setting "sequence" as the title or caption fails to work properly Web: Certain galleries do not handle accented characters properly