Earlier today Dirk sent a message to the release team and KDE core devel mailing lists noting that KDE 4.2 is now branched off of mainline and that the the first RC is being tagged. That means trunk is now what 4.3 will be.
As I've been reminded a few times already today myself, that means we need to backport bugfixes made to trunk that we want to appear in 4.2. The svnbackport script in kdesdk was updated today to backport to the new 4.2 branch and makes the process of backporting your last commit trivial.
The last few weeks leading up to a release are always exciting and nerve wracking for me. There are numerous details that always need to be worked out, though the project is getting better and not leaving things to the last minute. The promo team has been working on release materials since sometime in December, even. Hopefully that reduces the stress levels and burn out rates. =)
In a couple week's time it'll be full throttle on 4.3 ..