Ok, First the good news, eagerly awaited Windows Phone 7 Update is here, now the bad news, it's not the update we'd been waiting
for. You might want to keep your wishlist on hold, since this update brings nothing new to the table, no third party multitasking, not even very basis cut and paste functionality. Infact, it is less of an update and is basically a pre-update, which has been designed to prepare your phone for the imminent update.
The Windows Blog goes on to state: "This first update for Windows Phone is designed to improve the software update process itself. So while it might not sound exciting, it's still important because it's paving the way for all future goodie-filled updates to your phone, such as copy and paste or improved Marketplace search.”
Well, Microsoft might be trying to act coy by sending pre-updates before the real update, but seeing how Android is capturing the market, it is high time WP7 starts giving the real deal. Anyways, let's wait for the "Real update" to arrive and honestly, we are not keeping our hopes high for that either.
Source: Pocket-Lint