KernelLinus has released Linux 3.4 RC4 and you can get it as usual as RPM from the openSUSE Build Service in the Kernel:HEAD repository (download it here). it's expected that kernel 3.4 will be the openSUSE 12.2 kernel.
Jeff Mahoney has disabled a couple of options to make the resulting kernel image smaller and faster to build. He disabled DECNet and ARCnet and LocalTalk drivers on
i386-default. Also many drivers that only be used on embedded hardware are disabled. The last change was not done for ARM.
Full details are in his email message.