If you sift through Microsoft Support knowledge base then you may get the inkling that Windows Phone 7 may be getting an update
soon. Apparently, the company has added a net article to their knowledge base entitled 'Troubleshooting problems during software update for Windows Phone 7". So, the Microsoft has taken a pre-emptive strike here. If the article for troubleshooting is here, then we are going to assume that the real update is not far behind.
It is expected that Microsoft will bring Cut & Paste facility with the new update. It is also likely to fix a 3G related bug, which caused a massive amount of data to be transmitted randomly over 3G connection. Earlier, it was rumored that the update would be aired in January, but seems like that is not going to happen. Let's see if Microsoft is going to grace its phone with an update in February.
Source: BGR