VESA unveiled DisplayPort v1.2 today, bringing many enhancements to the previous iteration. DisplayPort v1.2 offers double the data rate of DisplayPort v1.1a, moving from transfer rates of 10.8Gb/s to 21.6Gb/s (5.4Gb/s per lane), which allows for full HD 3D, higher resolutions, color depths, refresh rates, and multiple display capabilities.
The latest DisplayPort specification can handle a single 3840x2400 display and is capable of "multi-streaming", supporting up to two screens with a resolution of 2560x1600 at 60Hz, or four at 1920x1200. The data channel has also been expanded from 1Mb/s to a whopping 720Mb/s.
While you'll have to buy a DisplayPort v1.2-capable system to appreciate the new spec, it is fully backward compatible with earlier cables and devices as well as Mini DisplayPort. VESA hasn't mentioned when v1.2 will ship in products, but it shouldn't take long before some new devices appear with it.