Subclipse 1.2.0 was released today. This is the official stable release for Eclipse 3.2 and higher. The official release includes two last minute fixes to improve support for 3.3 M5.
This release has been in development and available via the 1.1.x release train since a little before the official Eclipse 3.2 release last June. I imagine that most Eclipse 3.2 users have been using this release since it was available. For those that have been using the 1.0.x releases, this new release contains a lot of new features and UI improvements, such as my previous blog entry about Live Annotations. The full changelog is available here.
One note to those that try to update and do not see the release. By default, the Eclipse update mechanism will not show you an update which increments the minor version number. So you either need to repeat the first time install instructions, or view the upgrade instructions on this page, which show you how to change the Eclipse preference that controls this.