While Google continues to push out the Android 4.1.2 Jelly Bean update, the investigation about Android 4.2 update is in progress. Android Police acquired the Android 4.2 ROM (system update) and are investigating the possible new features than can be expected with that update. The Android 4.2 update is expected to bring a new Quick Settings in the notifications menu. The Android 4.2 is currently in Alpha stage and hence the code is unfinished.
The teardown of the Android 4.2 ROM revealed a new Quick Settings menu that rest at the same place as the Notifications Tray. A user has to swipe down twice to get the Quick Settings menu and also there are some changes expected in the Notifications tray and layout.
The Quick Settings will be basically the single tap access buttons that will let you enable or disable a particular function such as GPS, Mobile Data, WiFi or Silent Mode. Currently, the Quick Settings menu will show up on the second swipe after one has accessed the notifications tray. However, swiping twice to access the Quick Settings menu would totally defeat the purpose of using them in the first place. The objective is to enable and disable some core functions with minimal possible interaction with the phone.
Quick Settings options have been made available for several mobile phones through custom user interfaces such as TouchWiz or Sense. As of now, it is premature to judge whether this feature will actually mature for the Android 4.2 update. You can watch the video to access Quick Settings here.