As rumored, Android 4.2 will allow multiple user accounts, meaning family members or other groups can share the device while keeping their own settings.
Additionally, the OS adds a "quick settings" icon, similar to the power control bar currently on Android devices, and very similar to the quick settings option of HTC Sense. In Android 4.2, the icon will allow you to rapidly switch between user accounts, Wi-Fi, Bluetooth, airplane mode, adjust brightness and more.
Google has also redone the gallery app, adding "Photo Sphere." Sphere lets you take 360-degree panoramic photos, an update from the panorama of Android 4.0 and 4.1.
Finally, the update brings gesture typing, similar to Swype and SwiftKey's new Flow beta.