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C++1y refers to the next version of the C++ standard after C++11. Starting in version 4.8, GCC has begun implementing experimental support for some C++1y features. They are enabled with the -std=c++1y flag. Here is a list of features added so far (see http://gcc.gnu.org/gcc-4.8/changes.html). More may be added as GCC 4.8 is not yet released. Return type deduction in normal functions N3386 Note that C++11 (as opposed to C++1y) features added in GCC 4.8 have their own bug, 395568.
C++1y is now referred to as C++14, as it is targeted for 2014. Also, the latest reference for the feature "return type deduction for normal functions" in N3638.