According to the USCIS, as of October 14, 2011, the agency had
received 46,200 out of 65,000 available cap-subject H-1B petitions for
FY-2012 and 20,000 out of 20,000 available petitions under the H-1B
Masters Cap Exemption.
When the Masters Cap Exemption has been exhausted, petitions filed on behalf of beneficiaries with Masters or higher degrees from US universities will be counted towards the general 65,000 H-1B limit for the fiscal year.
If you are a cap-subject organization that wishes to file an H-1B on behalf of a qualified foreign-national, this would be a good time to do it. As the numbers get closer to becoming exhausted those on the fence tend to file in greater numbers so the cap may be reached in the next several weeks.