LLVM 3.2 was just released today, and as with every LLVM release emscripten is switching to it. (We only support a single LLVM version at a time; if you don't want to upgrade to LLVM 3.2 just yet, you can use older revisions of emscripten.)
LLVM 3.2 brings as usual a large amount of general improvements and bugfixes. There isn't anything in particular that will be noticeable with emscripten, except for a change in how LLVM does linking. It now requires an explicit list of symbols to keep alive - this was quite puzzling to me at first but respindola explained it, and this is a very nice change for LLVM to make, linking is more consistent there now. We do have all the necessary symbol information in emscripten, but were not passing it to LLVM, now emscripten has been modified to do so.
The result is that in some cases more unneeded code can be removed, resulting in smaller generated code, which is great (for example ammo.js is 2% smaller). However, if you do not explicitly keep a function alive (either by using EMSCRIPTEN_KEEPALIVE or __used__ in the C/C++, or adding it to EXPORTED_FUNCTIONS), then LLVM may remove it.
Another improvement is landing together with this into master, unrelated to LLVM 3.2, is better linking of .a archives. We now only use the object files that are actually required, and will not link in others. This can also reduce the size of generate code, but again, if you are not careful, needed functions may be removed, in particular because the link order of archives matters (libA.a libB.a will only link in parts of libA that were required by things before it on the commandline, not things in libB).
Finally, another change you might notice if you use emscripten is that it now has better support for systems with both Python 2 and 3 installed at the same time. ack wrote a big patch to make our usage of python much cleaner to enable that. One significant consequence is that we now look for python2 in the python script shebangs. So if you run ./emcc and do not have python2 in your path, you will get an error. Solutions are to either run python emcc or add a symlink to python2 from python.