If you are not on the beta program or haven't been to a user conf or to GIS tech, then you might be wondering what things are coming in ArcGIS 9.2. There's not much to find out on the web about it as its still in beta, but there is a well hidden page on the esri site that lists a lot of the new things that are coming in 9.2.

The theres lots of new stuff, but if i could only choose 3 things from 9.2 it would be these:

Geodatabase History, lets you store the history of all changes to your data and visualise and query how thats changed over time, also great for auditing purposes in enterprise systems.

ArcGIS Server support for Geoprocessing models You can build models and tools as you can now, but then publish them in ArcGIS server and allow people to access and run them via the web, great for centralising your data management and processing tasks.

The new ADF for ArcIMS + AGS. The new developer framework gets all ajaxy (seamless pan and zoom etc) and also works with ArcIMS servers as well as ArcGIS server, WMS etc, to top it all its both java and .net.

there's lots of other stuff too, so its worth reading the page and the other pages it links to.