Drupal 7.8, a maintenance release with numerous bug fixes (no security fixes) is now available for download. A critical bug with the upgrade path, #1164852: Inconsistencies in field language handling has been addressed in this release, among other critical and major bugs. See the Drupal 7.8 release notes for a full listing.
Upgrading your existing Drupal 7 sites is strongly recommended. There are no new features in these releases. For more information about the Drupal 7.x release series, consult the Drupal 7.0 release announcement.