Minecraft 1.3 Pre-release is out for PC & Mac!

The official release date is August 1. And here's a quick run of features since 1.2.5; 

• The game now runs an internal server in single-player mode
• The single-player server can be shared on LAN, with LAN server detection
• Made it possible to use client-side commands by enabling cheats (this is defaulted as disabled for old worlds)
• Added an optional “bonus chest” to get started quicker
• It’s now possible to trade with villagers. Added emeralds as a currency
• You gain enchantment orbs from other tasks than just destroying monsters. Max enchantment level has been decreased to 30
• Servers can automatically suggest and distribute texture packs
• Added new world map elements (does not need a new map, but they’ll only appear in new areas)
• Added cocoa beans
• Added an Ender chest
• Added tripwire
• Stairs and levers can be placed up-side-down
• Wooden logs can be placed sideways

*click the link for the original post. 
Minecraft 1.3-pre-release