Though many Galaxy Nexus and Nexus 4 owners are already well versed in the new features of Android 4.2, the vast majority of users are still waiting for custom ROMs to release them from the shackles of earlier versions.
A quick update from the CyanogenMOD team reassures us that progress is being made, albeit slowly, on bringing Android 4.2 to the masses.
4.2 merger is still a work in progress, but it is going well so far. To give you an idea, the build currently has trebuchet, colored logcat, Terminal, root access, and the enhancements David van Tonder finished over the weekend; nothing else and far from complete.
The takeaway from this is that Android 4.2 is a more robust update than it aesthetically appears, and the team is working hard to merge all the new code into the existing database. Expect it soon, but not that soon.