Ansible is on a 'flexible' 4 month release schedule, sometimes this can be extended if there is a major change that requires a longer cycle (i.e. 2.0 core rewrite).
Currently modules get released at the same time as the main Ansible repo, even though they are separated into ansible-modules-core and ansible-modules-extras.
The major features and bugs fixed in a release should be reflected in the CHANGELOG.md, minor ones will be in the commit history (FIXME: add git exmaple to list).
When a fix/feature gets added to the `devel` branch it will be part of the next release, some bugfixes can be backported to previous releases and might be part of a minor point release if it is deemed necessary.
Sometimes an RC can be extended by a few days if a bugfix makes a change that can have far reaching consequences, so users have enough time to find any new issues that may stem from this.
Ansible normally goes through a 'release candidate', issuing an RC1 for a release, if no major bugs are discovered in it after 5 business days we'll get a final release.
Otherwise fixes will be applied and an RC2 will be provided for testing and if no bugs after 2 days, the final release will be made, iterating this last step and incrementing the candidate number as we find major bugs.
During the release candidate process, the focus will be on bugfixes that affect the RC, new features will be delayed while we try to produce a final version. Some bugfixes that are minor or don't affect the RC will also be postponed until after the release is finalized.