The Android Open Kang Project has moved on to it's forth build, which is bringing the ROM up to date with the latest version of Android, 4.2.2. The AOKP team has been focusing on bug fixes and supporting a seamless merger with existing versions of the ROM, so the updating process should be nice and straight forward.
4.2.2 brings a few new features to the Android experience; there are a lot of under the hood tweaks and performance improvements, a redesigned camera app with HDR mode, new photo editing features, and a host of other changes. If you want to check them all out then head on over to the official Android change log.
As well as the 4.2.2 improvements, the developers have also added a few new handsets to the growing list of supported devices. If you're an owner of the an HTC One XL (AT&T), Motorola Droid 4, Motorola Droid 3, Motorola Droid RAZR, Motorola Droid Bionic, or Galaxy Nexus (Sprint) then you'll also be able to enjoy AOKP.
If you're going to move over to the new build then the AOKP team recommend that you wipe data when updating from a different 4.2 build. Of course a full wipe is a requirement to avoid getting stuck at boot if you're moving from another ROM or an older version of Android such as 4.1 or older.
Remember that if you're updating you'll also need to grab the Google Apps zip file to flash. That is, if you want to use the Play Store and other standard Google apps. Check out the official blog post to see if your handset is supported, and to grab the correct download.