Don't expect 1.2 anytime soon.
While there are coders making small adjustments quite often, progress is very slow.
Apparently it was decided that the majority of the sounds needed to be replaced with more liberal licensed ones.
Now the current sounds in tremulous are by no means extraordinary, but lacking a 'sound guy' and the general slowness of this project, this is yet another very questionable decision.
The truth is that tremulous will probably be dead in a year or at most two.
http://tremulous.net/graphs/unique-players.pngIt's stuck in some kind of release fear, the current release is from 2006 and extremely buggy. You have to go through a lot of extra steps to get a decent (working) client.
This is a major turnoff for new players as nobody wants to invest a lot of time just to get a game they don't even know running.
At the same time consider this from a developer perspective. Do you want to make stuff for a game which has it's next release in 5+ years without any clear road map?
Summarizing tremulous is a great game and a lot of time has gone into making it that way. Unfortunately it's looking like the time we have left with it is limited unless something happens with the deciding entity very soon.