2.6.23 includes the new, better, fairer CFS process scheduler, a simpler read-ahead mechanism, the lguest 'Linux-on-Linux' paravirtualization hypervisor, XEN guest support, KVM smp guest support, variable process argument length, make SLUB the default slab allocator, SELinux protection for exploiting null dereferences using mmap, XFS and ext4 improvements, PPP over L2TP support, the 'lumpy' reclaim algorithm, a userspace driver framework, the O_CLOEXEC file descriptor flag, splice improvements, new fallocate() syscall, lock statistics, support for multiqueue network devices, various new drivers and many other minor features and fixes.
More information: http://kernelnewbies.org/Linux_2_6_23
Kernel changelog: http://www.kernel.org/pub/linux/kernel/v2.6/ChangeLog-2.6.23