Unreal3.2* is the stable branch and future development will consist of both bugfixes AND adding new features.
Unreal3.2* will continue to exist until (and a small period thereafter) the next generation UnrealIRCd will be finished (Unreal4).
Since we have no indication when Unreal4 will be completed, Unreal3 is our main line of development at the moment.
http://cvsweb.unrealircd.com/ - View the source (CVS) from your browser.
Want to become an Unreal3.2* coder? Check out http://www.unrealircd.com/devel.php