SQL Server 2012

I'm very excited to see that the SQL Server 2012 RC0 was recently pushed out.  This has also been known with the code name of "Denali".

Since I mainly work with the Data warehousing and Business Intelligence side of things, I'll post some  of the things that caught my attention...



Microsoft has introduced a new Semantic Model (BISM) to improve Excel, Reporting Services and the  SharePoint experience.It appears that the new Semantic Model is in addition to the current BI Models, so you won't be forced to upgrade your existing stack at launch time.

PowerPivot

1. Supports Hierachies
2. Multiple relationships between tables
3. easily create, edit and manage measures
4. Key Performance Indicators (KPIs) <-- Nice!
5. new DAX functions
1. Time series, distinct counts
    

Analysis Services

1. The above items from the PowerPivot
2. In addition to row-level security
3. partitions 
4. Direct Query Mode
1. enables access of information directly form the source system.