Via xda developpers
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Retaining the code name from Android 4.1, 4.2 is a revamped version of
Jelly Bean. Despite the lack of name change, 4.2 offers various new and
exciting features. Join us as we take a closer look at some of the
highlights!
Photo Sphere and Camera UI Improvements
Not too long ago, Google gave us native support for panoramic photos
with the launch of ICS. However, in their eyes, a standard panoramic
shot doesn’t properly convey the feeling of actually being there. Photo
Sphere takes us one step closer.

Once Photo Sphere mode is enabled, the app first guides you as you
move your device to capture the entire scene. By using the same
technology employed by Google Maps Street View, Photo Sphere then
stitches the shots into a 360-degree view that allows you to pan and
zoom, as you would in Street View. Those wishing to look at photo
spheres from photographers around the would can do so as well.
In addition to Photo Sphere, the Camera app’s UI also been updated
with gesture controls. Thanks to the gestures, the interface no longer
obscures the photo being taken with various controls. Instead, the app
now makes full use of the screen real estate so that you can take better
photos.
Gesture Typing

Taking a page from Swype’s play book, the new keyboard built into
Android 4.2 has slide gesture functionality. The heavily revised
keyboard differentiates itself from current versions of Swype, however,
by showing predictions in real time, as you slide around your fingers.
This isn’t the first time we’ve seen real time gesture recognition—dubstep aside.
That said, the interface looks to be better on Google’s latest
offering, but the real test will be in actual day to day usage. The
dictionaries have also been updated, as has voice recognition.
Multi-User

Remember all the buzz about enabling multi-user support on Android? Apparently, Google does too. We all knew this was coming; it was only a matter of “when.”
Well, it’s finally here. Multi-User support has finally made its way
to the OS officially. Each user is given his or her own personal space,
complete with a customized home screen, background, widgets, apps, and
games. While we don’t have access to the source code to verify, this is
likely accomplished by sectioning off the /data partition
between users. Interestingly, switching between user profiles is done
via fast user switching, rather than completely logging in and out.
Naturally, this feature is only available / practical on tablets, but
you can bet your bacon that this will find its way to phones in the
coming months, after 4.2 is released to AOSP.
TV Connect
Many were disappointed to learn that the Nexus Q was only able to stream Google Play content rather
than supporting full device mirroring. Problem, no more. In Android
4.2, users will be able to wirelessly mirror their displays to various
supported devices.
While we can’t speak in regards to additional functionality for
Google’s enigmatic black orb, we can say that this will truly be a
useful feature if executed properly. The underlying technology is the
new industry standard Miracast, which was created by the Wi-Fi Alliance, and is based on Wi-Fi Direct.
DayDream

A fun, new feature present in 4.2 allows your device to display photo albums, news, and more when your device is docked.
Quick Settings
Remember AP’s video showing
the “future site of quick settings?” It’s finally here. Google has now
added a separate panel to the notification bar that can be accessed by a
two-finger swipe from the top of the screen or simple button tap in the
upper right corner if the notification tray is extended. Once summoned,
it gives you quick access to user accounts, brightness, device
settings, WiFi, Airplane Mode, Bluetooth, Battery, and Wireless Display.
Lock Screen Widgets
Much as we have seen in third party applications,
Android now natively supports widgets on the lock screen. In fact, you
can now add several pages of widgets to your device’s lock screen,
essentially giving you a home screen—before you get to your home screen.
Memetastic.
Enhanced Google Now
Google Now was also updated with more cards. A good example of this
is how the software can pick out shipping updates and flight details
from your email, and display them in a context-relevant manner. This,
however, is not exclusively tied with the updated OS, as those with
devices running 4.1 can access the update today.