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Have they announced a release date target?
Can someone please clarify what justifies the 3.2 -> 4.0? I don't see a big change, isn't this more like a 3.2 -> 3.3?
Part of it could be PATCH replacing PUT.
Ruby 1.9.3+ justifies the major version bump
From what it looks like to me, it's not so much about a drastic new feature set but rather about trimming down dramatically. You could argue that it really should be like 3.2 -> 3.3 similar to OSX Leopard -> OSX Snow Leopard. I think they gave it a full version upgrade because it WILL (not might) break a lot of apps. That's my interpretation. I might be wrong.
Rails 4.0 drops support for Ruby 1.8.x which necessitates the major version bump.
It's official- Rails 4.0 is coming out:

<ruby>

Post.find_by name: 'Spartacus', rating: 4

Post.find_by "published_at < ?", 2.weeks.ago

Post.find_by! name: 'Spartacus'

</ruby>

But seriously... I don't really see any changes that just scream "come check out Rails 4!". I mean... my God, they are competing with Node now which has an ecosystem that is growing at a nuts pace. The only reason I can see so far for it is that they want to really make those still on Ralis 2.x feel like shit and want to upgrade, because now they will be two major versions behind.

Don't get me wrong. I love Rails. But WTF. Tell me what I'm missing.

Any word on performance?
Aaron Patterson (tenderlove) gave a presentation where he said he wanted to refactor rack to make it more simple. He said Rails 3 had a lot more depth in the stack and it was making it slower. (when i start up an old rails 2 app i can't believe how fast it is). I don't think that is in Rails 4 though. I guess that is a separate project.

Also deprecating vendor/plugins means Heroku will have to change the way they deploy. You can notice that by the deprecation messages when you start a heroku console.

Rails 4.0 might be out by the end of the year, but that's outside of my definition of "around the corner".
Do you think Rails is still fun and are you enjoying coding in Rails?
Upgrading our rails-2.3/ruby-1.8 website any day now.