This is a full video of the new features in 1.2 beta shot by Chronic Productions at hackint0sh. The new features noticed are-

• App Store
• New Baseband 04.05.00.
• A new icon for calculator and Mobile iTunes Store.
• A new skin for calculator and also the implementation of +/- for changing the value from positive to negative and vice versa.
• A blank section in iTunes reserved for some upcoming feature.
• Multiple message deletion by selection in Mail.
• Support for Microsoft Exchange.
• A menu for deletion of known Wi-fi network.
• Support for Cisco VPN.
• TimeZone support for Calendar.
• Parental Controls- Allows you to display or hide some specific applications on springboard if switched on (required for naughty kids).
• More International Keyboards added.
• More International region formats added.

Video after the break!

[video download="yes"]http://www.youtube.com/watch?v=nUB55KQwpvs[/video]

UPDATE: Engadget has received a 1.2 beta version. This version includes some features which were completely unknown or were not present in the leaked firmware beta. The difference between the devteam beta and engadget’s beta is that engadget’s beta consists of following new features-

• When you open calculator application and change the orientation to landscape mode, you get a scientific calculator!!
• App store is present with five menus- Featured, Genres, Top 50, Search and Updates but currently doesn’t work and show a could not load error message.
• Two new fields while creating a mail- From and BCC.
• A new button in calendar (Unknown Use).

For images of these new features, visit their Gallery.

UPDATE: To get the screenshots of all the new features (and some of chronic’s preferences hacks) go here