The Web Tools 2012.2 update has been released. You can download it here.
This update is related to the tooling only i.e. Visual Studio and has no impact on the ASP.NET runtime. In addition to some of the things that help you better use the framework such as SignalR and enhancements to WebAPI that include support for OData, significant updates have been made to Visual Studios’ editor with regards to CSS and Javascipt.
Two of the Three Scotts posted in depth about this update. “Serious Scott Guthrie” had this to say. While “Funny Scott Hanselman” wrote this.