Microsoft has made a short, sweet and somewhat comical announcement using Twitter, saying that it will drop the word Series from the name of its latest mobile operating system, which will now become known as just Windows Phone 7. This is most likely to be done in order to simplify the software to customers, as it originally suggested there are various builds or versions of the OS available.
Like with Windows Mobile 5 and 6 before it, Windows Phone 7 will receive updates containing new features. It will be much different in how those updates arrive; rather than wait on carriers and phone producers to decide if or when they release updates, Microsoft will push updates on its own and give most if not all supporting devices new versions at the same time.
Source: electronista