Next.js has released version 12.2, which includes several significant updates, including the general availability of Middleware with changes to its API, improvements for running Server-Side Rendering and API routes at the edge, and enhancements to next/image support, as well as stable support for On-demand Incremental Static Regeneration. The new release also recommends users switch to Edge Middleware for improved performance and usability, while Netlify Edge Functions are available as an option for significant latency improvements.