From the Hypatia website:
MORATORIUM ON HYPATIA SUBMISSIONS: January 15 to July 15, 2013
Manuscript submissions have grown dramatically in the last few years, and we’re building up a substantial backlog of accepted article. So, with regret, the editors have decided that we must temporary suspend all new submissions. This does not affect the resubmission of manuscripts accepted with revisions, or Diversity Prize submissions. For the details, please see the full notice here.
Feminist Philosophers 
Well, in an editorial in the most recent issue, Henry Richardson, the editor of _Ethics_, said that he would very much like to get more submissions dealing with feminist philosophy, (among other areas) and made a point of noting that they have good associate editors who will make sure all such submissions are well and fairly reviewed, so perhaps some people who were thinking of submitting to Hypatia should submit to Ethics in the meantime.
Hypatia will receive a whole lot of submissions on 16 July 2013 and they will have another backlog immediately.
However, getting the tonne of new submissions on that date is for the new editorial team who takes over then to find ways to deal with – but the existing team didn’t want to bequeath a massive backlog to the new team, since it would tie the new team’s hands unduly to just be carrying out what the old team had already decided upon.
I understand the decision of the editors but it always saddens me to see a moratorium on a journal (especially one like Hypatia, which fulfills an important role as a high-quality specialist journal). I’ve blogged about alternative strategies here: http://www.newappsblog.com/2012/12/if-backlogs-in-philosophy-journals-are-the-problem-are-moratoria-the-solution.html
FYI – the Moratorium does *not* apply to resubmission of manuscripts accepted with revisions, Special Issues, or Diversity Prize submissions. It also does not apply to book reviews since Hypatia’s book reviews are moving to an on-line open access website: http://hypatiaphilosophy.org/HRO