The Opera team is getting closer and closer to the release candidate for Opera 10.5. Earlier today, the Opera team announced the release of Opera 10.5 Beta 2 which contains several significant changes over Opera 10.5 Beta 1.
A new Opera "O" tab and menu also replaces the traditional Opera Menu bar and increases vertical space in the Opera window, centralizing several used features and tools in a single convenient location. Opera 10.5 Beta 2 also makes use of the Presto 2.5 rendering engine for better CSS support, along with more support for HTML5 and SVG.
The most important change in 10.5 Beta, at-least according to me is the introduction of Opera Widgets for Desktop which is similar to Prism for Firefox and Applications shortcuts in Google Chrome. The desktop widgets will now perform as native applications on user computer.
There are also several significant changes to Private browsing and Web Storage. You can read all the changes in Opera 10.5 Beta 2 here.