AX 2012 R2 CU7
The release of CU7 for R2(KB2885603 - 6.2.1000.4051) signifies a lots of fixes, feature additions and updated user experience of the core modules. Please find below link from the Microsoft community for the detailed changes in each of the modules.
AX 2012 R3 released in April 2014
A good MSDN article on what we can expect on the upcoming new functionalities on both the verticals and core modules. Most importantly the AX 2012 R3 can also be hosted on the cloud using Windows Azure services. This means that the Dynamics AX can be hosted at a remote site and customers can access the services as a subscription.
The folks attending the Technical conference in February will seem to have hands on access to R3, that would be really interesting to hear about their thoughts.
Here is the MSDN community link where the new features are briefly described.
The tag line of AX 2012 R3 seems to be
1. Engage Customer on their own terms
2. Satisfy changing customer needs
3. Serve your customers better and expand your business