Google has recently released Android 4.2, but has decided to keep the name Jelly Bean. The reason not to change the name seems correct because the new update is just a feature extension to Android 4.1, Jelly Bean.
The New Features
Gesture Typing: Have you ever used the third party Android app named Swype? The app makes it possible to just glide your hand over the keyboard to finish a word. This has been integrated to Android 4.2 as a stock application.
Photo Sphere Camera: Google has decided to upgrade its panorama camera function. Now you can take vertical panorama pictures, and also stitch photos taken from multiple angles.
Daydream: Kind of a screen saver, which displays useful information on the screen of your Android device while it is idle.
Multi-User Tablets: This new feature that comes with Android 4.2 allows many users to create user accounts and have their own home screens on a single tablet. Much like the user accounts on a traditional PC.
Wireless Sharing: This feature is like Apple's AirPlay. Via this you can display the screen of your device on your TV.
Updates to Android Beam: Beam is Android’s Near Field Communications (NFC) function. The function allows Android users to share music, photos, directions, videos or websites with a single touch. This is a function that came with Android ICS (Ice Cream Sandwich), and they have made some improvements to the function.