Some days ago, at July 8, TeX Live 2012 has been released. In the meantime, I also updated to Ubuntu 12.04. (Precise) but I did not find the time to install TeX Live. I am happy to report that there is nothing new to learn regarding the installation. You can straight follow the very same instructions I posted earlier for TeX Live 2011. Have fun.
Update: I noticed that TeX Live 2012 has been made available via apt-get. I recommend testing it out (I haven’t done so yet).