Hi Everyone!
You may have heard about a highly critical security vulnerability for Drupal core, that was fixed in Drupal 7.32 (released today). You can learn more in the security advisory:
SA-CORE-2014-005 - Drupal core - SQL injection
Beyond the Drupal core update, this also includes:
- Addition of the Distro Update module, which should make it easier to manage updates to individual modules.
- Upgrading Linkit from version 2 to 3. (Nota bene: If you customized your LinkIt configuration, you may experience some issues (either WSOD or JS errors in the WYSIWYG) after the update. Check your settings at /admin/config/content/linkit. You may need to revert the Panopoly WYSIWYG feature or re-export any custom features with LinkIt profiles. More information on the update here - #2186541.)
- Dozens of bug fixes and minor module updates
We can thank the two recent sprints (in Amesterdam and virtually) for the large number of changes this time around! Thanks, everyone, for your hard work. :-)
For more information, please see the full release notes:
https://www.drupal.org/node/2357281
Remember: you have to update the WHOLE profile - not just the individual panopoly_* modules! Otherwise, you'll be missing important module updates/patches, and it isn't guarenteed to work.
For full instructions on how to upgrade, please see the new Upgrading Panopoly guide! (We invite you to help us improve it as well.)
And, of course, you can find links to download, documentation and report problems on the Panopoly project page:
https://drupal.org/project/panopoly
Thanks!

Comments
Update bug fixed!
Just in case you experience this problem when attempting to update from 1.11 to 1.12, it's been fixed in the latest -dev:
https://www.drupal.org/node/2357515
I'll probably do a release tomorrow for this - we'll give another 24 hours for any other critical bugs to surface.
Also, we added a note to release notes about some manual work that may be necessary if you customized your LinkIt configuration:
If you didn't customize LinkIt in anyway, the upgrade is fully automatic.