Red Hat Enterprise Linux 7.1 was released a few days back, You can go read the release notes now. Its a great way to find out the big changes and enhancements in this release.
On the CentOS side of things, we have been working through last week on getting the sources organised and the builds started up. We are pretty close to finishing the first cycle of builds. The next step would be to get the content into QA repos so people can start poking it. From there on, content will make its way into the CR/ repos, and we will goto work on the distribution media ( ie. the ISOS, Cloud Images, containers, live media etc ). Once that is done, we have another couple of days for QA around those bits, followed by the wider release.
This release for CentOS-7 is going to be tagged 1503 to indicate month of upstream release.
In terms of a timeline, this is where things stand : We hope to start moving content into the CR repos by the 13th/14th of March. This should set us up for releasing the distro around the end of the following week 18th to 20th of March. Ofcourse, this is a projected date and might change depending on how much time and work the QA cycles take up and any challenges we hit in the distro media building stages.
Note that the CR repos contain packages that have not been through as much QA as the content at release time, so while they do give people a path to early-access to next-release rpms and content, they come with the added risk.
Some of the special interest groups in CentOS are keen to get started with the new content, and we are trying to find a way to make that work - but at this time there is no mechanism that bridges the two buildsystems ( the CentOS Distro one, and the Community Build System used by the SIGs ). So for the time being the SIGs will just need to wait a few more days before they can start their trials and builds. For the future, its something we will try and find a solution for, so in the next release SIGs can start doing their builds and testing as the distro packages are being built.