This is a Beta version that needs extensive test and feed-back. Best way to do that is our Forum in a Topic that is being created.
This is very similar to the 11.10 release but this is using Ubuntu 12.04 as a base and is using the updated and much improved Gnome 3.4
Download PinguyOS 12.04 beta
32 bit: http://sourceforge.net/projects/pinguy-os/files/Pinguy_OS_12.04_LTS/Pinguy_OS_12.04-shell-beta_i686.iso/download
64 bit: http://sourceforge.net/projects/pinguy-os/files/Pinguy_OS_12.04_LTS/Pinguy_OS_12.04-shell-beta_x86-64.iso/download