Following the release of DebianSarge, the current DebianTesting distribution is being developed under the codename Etch.
A summary of planned features as discussed on debian-devel goes to ["EtchTODOList"]. Do not assume that this is a final or authorative list.
See also:
DebianSarge (the release preceding Etch)
DebianUnstable (code name DebianSid)
When Will Etch Release?
Currently there is not a planned date of release for Etch
The lastest status report from the ?ReleaseTeam can be found here:
It includes details about 0-day NMUs for RC bugs and certain Important bugs, please read the above message for details. It shows a timeline which would in theory get us to a December, 2006 release date.