Puerto Rico will vote on November 6, 2012, on what its future political status should be. The first question will ask the voters if they are satisfied with the status quo. The second question will ask voters to either support or oppose three alternatives: (1) statehood; (2) independence; (3) free association with the United States as an independent country. The third alternative is somewhat like the relationship between the United States and three former possessions, the Marshall Islands, Micronesia, and Palau. Although those three countries are independent, they have a special relationship with the United States. The U.S. handles their postal system, and post offices in each of them have U.S. zip codes. Also, their citizens may freely travel between the United States and their home countries. See this article for more details.
The previous votes in Puerto Rico were in 1967, 1993, and 1998. In each of these elections, the status quo always won, although there was always a strong minority in favor of statehood.