As of December 2011 bugs are tracked at the Igloo Community Launchpad project. Open bugs from the old bugzilla have been migrated to the new system, but for historical interest a list of the bugs and comments are archived as well.
Each monthly release will have milestone that bugs will target.
A bug status of Fix committed means that a fix for the issue has been identified and committed to version control system. When a bug transitions to the Fix released status, it means that the fix was included in the build system input (eg. the PPA repository in the case of Ubuntu) and thus the next snapshot and release will include it.