diff --git a/CHANGES.txt b/CHANGES.txt
index 483adb8aa5..37c3eb5ebb 100644
--- a/CHANGES.txt
+++ b/CHANGES.txt
@@ -1,3 +1,20 @@
+Next Release
+============
+
+Features
+--------
+
+- ``bpython`` interpreter compatibility in ``pshell``. See the "Command-Line
+  Pyramid" narrative docs chapter for more information.
+
+Backward Incompatibilities
+--------------------------
+
+- The ``pshell`` command (see "paster pshell") no longer accepts a
+  ``--disable-ipython`` command-line argument.  Instead, it accepts a ``-p``
+  or ``--python-shell`` argument, which can be any of the values ``python``,
+  ``ipython`` or ``bpython``.
+
 1.2.3 (2011-11-20)
 ==================