Remember, we're not jumping to 1.2 until Bukkit is actually ready; despite the fact that their devs work for Mojang now, it'll probably still be a few days
minimum before everything works right.
EDIT: Apparently the usual array of bugs managed to slip through to the official release; they're already up to version 1.2.2, and given the list of bugs still present in that release (from
MinecraftWiki), I'd bet on at least one more bump in the next day or so.