The last release was Natty Narwhal (Letter N) for the 11.04. Then it was Oneiric Ocelot (Letter O) for the 11.10. This time, the newest one will be Precise Pangolin (Letter P) for the 12.04.
At this pace, what will happen when Ubuntu gets to Z? Will it start with numbers (007 Edition), will it start with double letters (AA Battery), or will it start from the beginning (Amazing Apple)? What will happen?