Some people might be wondering why this release isn't called 4.0, even though it's a major release. Well, that's all explained in the latest Status Update.
3.2 was the first release in a long time where we actually had some help from external companies, too. Xiaoou Wu of Oracle helped us with Oracle support, Red Hat contributed some work on the WebServices, and a few companies funded Everything Solved (my company) to write certain major new features, like the new types of custom fields in 3.2.
I also want to give huge thanks to Guy Pyrzak, the new UI Team Lead for the Bugzilla Project, who led our major redesign of the show_bug.cgi UI for 3.2. We have some other UI work coming up for you in future releases too!
Overall, I'm really happy with the direction that Bugzilla is going. Our architecture is getting better and better--I have actually enjoyed writing new features and customizations on the 3.2 codebase. It's that little "Wow, that was so elegant and simple to add that feature" feeling that's one of the great rewards of refactoring. (And boy have we been doing a LOT of that over the last several years!)