We've had some requests lately about where Opera 9.x is heading, so I'll give you a sneak peak into the current projects and their internal code names. We usually prefer code names over version numbers until the product actually ships.
Merlin is the current code base, used for 9.0, 9.1 and the coming 9.2. On Merlin the main focus is on stability and only select new features are added.
The most important planned update to Opera on desktop. Peregrine will contain significant improvements in the user interface, improved standards support, improved performance, thousands of bug fixes and groundbreaking new functionality. In other words: We're pretty excited about it.
More Here .