As per the schedule, Canonical (a commercial sponsor of ubuntu) has released Ubuntu 7.10 (Gutsy Gibbon). The release new describing the features introduced can be read here. A detailed description of the features can be read here.
One can download the iso from the following link. You can also request free CDs from shipit.
Along with this the release schedule for the next release Hardy Heron (Ubuntu 8.04) is also up and can be seen here. The plan is have the next release on 24th April. Well the count down has begun.