A brief review on the thermodynamic properties of He-3 films adsorbed
on graphite is presented. The second solid layer of He-3 adsorbed on g
raphite is a particularly interesting two-dimensional system of locali
zed identical spin-1/2 fermions, which evolves from antiferromagnetism
to ferromagnetism as a function of increasing density. This striking
behavior is interpreted within a generalized Heisenberg model includin
g competing ring-exchange interactions. While ferromagnetic three-part
icle exchange dominates at the highest densities, higher order antifer
romagnetic ring-exchange processes become significant at lour densitie
s leading to highly frustrated antiferromagnetic or ferromagnetic phas
es. At low temperature, the frustrated antiferromagnetic and ferromagn
etic states may correspond to unique examples of new quantum phases as
suggested by recent theoretical results. The relevance of this ring-e
xchange model for other systems of localized fermions is also discusse
d.