ANDROID 4.2 (LIME PIE)

Firstly lets look at the evolution of Android OS:

Android 2.1 - Eclair

Android 2.2 - Froyo

Android 2.3 - Gingerbread

Android 3.0 - Honeycomb, 

Android 4.0 - Ice Cream Sandwich

Android 4.1 - Jelly Bean.

& now the 
Android 4.2 - Key Lime Pie (To be confirmed)

Most devices out there in the market are yet to get hold of "Jelly Bean" when rumors and enthusiasts are already sporting for the "Key Lime Pie" version.

So what is the 4.2 Packing?

Project Roadrunner - Google has understood the need for a longer battery life and has started of the initiative in the 4.1 already (a.k.a. Project Butter). However, in the 4.2 an enhanced version would be available and will be called Project Roadrunner.

Google Now: Well this is Googles answer to iPhone's "SIRI". Various apps for Android, have released counterparts of "SIRI" (codenamed IRIS, AISHA), but are yet to touch our hearts. So its Google Now or never.

Enhanced Google Play, voice search integration with System level functions, a Customization Centre etc. will be available with the device. Rumored hits on web sites by devices running the 4.2 version are the Nexus and Moto Razr.