It was big news today evening when Oracle  announced general availability of the Oracle(R) E-Business Suite Release 12.1. Therefore the product which you are going to use is R 12.1.1
This time too the focus of R12.1 is again some of existing product enhancements across human resources, supply chain management, procurement, projects, master data management, customer relationship management and financials.
Additionally, R12.1 also features industry specific features and solutions that help drive greater value across the companies. Industries with significant new functionality advancements include Wholesale Distribution, Public Sector, High Technology, Engineering & Construction, Life Sciences, Retail, Professional Services, Communications, Consumer Goods and Utilities.
Here is extract of information for Release 12.1 Details and Features from Oracle website 
- The Oracle E-Business Suite Release 12.1 helps companies achieve rapid value by offering stand-alone solutions that complement existing Oracle E-Business Suite 11i or Release 12 environments. Customers can take advantage of rapid value solutions without having to upgrade to this latest release.
- There are 9 new products been added in this version.
- R12.1 will be available as stand-alone solutions available for some of major products like
- Supply Chain Management
- Oracle Sourcing On Demand
- Oracle Incentive Compensation
- Oracle Warehouse Management.
- Release 12.1 will be delivers integrated analytics from Oracle BI Applications.
- Some of existing module have been enhanced, which includes
- Enhancement in the some of the key features of the R12.1 which include an integrated talent management solution with enhancements to Recruiting, Succession Planning, and Performance and Learning Management.
- A new addition in product called Oracle Landed Cost Management will give organizations financial visibility into their extended supply chain costs.
- R12 EBS also brings some rich industry-specific solutions that help companies strengthen their position in the market.
- Distributors will benefit from greater visibility into ROI of promotional funds, accrued assets, the effect of supplier price changes and related liabilities with Oracle Supplier Ship and Debit and Oracle Price Protection for Wholesale Distribution.
- Oracle Site Hub  a new application helps organizations centralize information to help eliminate the problems associated with fragmented, incomplete and inconsistent site data resulting from rapid business expansion or mergers and acquisitions.
- Retail industry can now leverage to Oracle Product Information Management for Retail (PIM for Retail) which is centralize product information from heterogeneous systems into a single view that can be used across all functional departments.
- Oracle E-Business Suite Release 12.1 provides out of the box Federal accounting support with Project Accounting for automating funds consumption and billing in compliance with funding rules, supporting advance processing and ultimately helping to reduce overhead.
- Oracle Subcontractor Payments for Engineering & Construction helps owners and general contractors manage cash flow and ensure their subcontractors are satisfying contract deliverables by controlling the payment of subcontractor invoices.
Other key information for R12.1 are :
You can check it out R12.1 RCD  from metalink.
- Steve blog  did mention announcement of software downloads will be publicly available from metalink.
- Oracle.com  have R12.1 dedicated publicly available .
Reference Notes for Interest
- Oracle E-Business Suite 12.1 
- Oracle E-Business Suite Release 12.1.1  : Release Content Documents, a good list of "what's new" for this release.
- Oracle Applications Documentation Resources , Release 12.1. related links covering a lot of topics and products, and a good place to start reading when it's time to think about implementation.