And aside of new weapon models, what new things will be there ? : /
New models, some new partial effects, new sounds, new & improved balance and gameplay, an administration system, http downloads, voip, ipv6, lots and lots of bug fixes, 64bit support, better performance, some UI improvements (eg download prompt), better mod support, maybe new huds, and probably other stuff I've forgotten about.
Due to the wonders of open source, we've already been playing with all this stuff for ages. When 1.2 comes out there will be little that we haven't already seen, but no one (sane) is expecting that.