It's been more than a little while since the last release, but I'd say that it's been worth it. Beyond the usual round of bugfixes, it's about as stable as 1.1, which is a great thing for BeOS and Zeta users, and a bit of a bummer for Haiku users -- there is a known bug which hangs Haiku on what seems to be multicore machines when running a build that I haven't nailed down yet. It's a tough one, but rest assured that I'm working on it.
Time-saving features are the highlight in this release. It is possible to create and/or utilize templates of common application types, such as an app with a main window and a menu bar. An Import Project feature in the Start window makes quick work of making a Paladin project from existing sources. The compiler cache ccache can be used in Zeta and Haiku to speed up builds. There are rare build issues for the Zeta version, so it is not enabled by default for stability's sake, but most people will want the speed gains. A regular expression tester has been added to the Tools menu to save a few gray hairs from testing regular expressions in applications.
I've still got some tricks up my sleeve, so don't be surprised by a 1.2.1 or even a 1.3 release by the end of summer. I can think of a few more features that would make my workflow even easier, so I'm pretty sure they'd be of benefit for everyone. Until then, happy coding!
Paladin 1.2.0 Sources
Update: As it turns out, PalEdit 1.2.0 crashed under Haiku GCC4 hybrid builds and had some icon issues, so 1.2.1 is out and the link updated accordingly. The sources haven't changed, however. :-)