It's the latest and greatest LTS release...
Awesome! Ubuntu LTS versions are a really wise time investment and generally speaking are the Ubuntu versions that people use in deployments. Here is a life cycle diagram, Notice that every LTS (Long Term Support )server version is supported for five years! https://wiki.ubuntu.com/LTS
Ubuntu 12.04 is released and available to spin up new droplets.
We're going to be importing the new 12.04 today barring any complications it should be available by the evening.
Upgrading a previous Ubuntu release to 12.04 is really straightforward - however due to the issue described at https://digitalocean.uservoice.com/forums/136585-digital-ocean/suggestions/2814988-give-option-to-use-the-droplet-s-own-bootloader-
you'll still be stuck with the previous versions kernel (in fact you'll want to manually install the old kernel deb from the old distro so that you still have all your filesystem modules etc).
You won't be notified about changes to this idea.