The first update for Windows Phone 7 is already out but the first one with merit - well, with copy and paste anyway - is coming this month (though not as fast as expected). Hopefully, Microsoft has learned from their mistake with the first one and this one will go smoother.
The first update was supposed to improve the update process itself to make the phones ready for the future updates. That didn't go very smoothly as Samsung Windows Phone 7 owners will attest, but the issue was fixed and WP7 phones should be all ready to get one of those small but "I can't believe it doesn't have it" features.
We're talking about copy and paste - we've seen it on video and there's a new video out too. The update is also expected to speed up performance of apps and revamp the Marketplace.
The update was officially confirmed for March and Microsoft France's public relations blog says the update will come in the second half of March (instead of the first half as originally planned). Either way, you'll receive a notification when it's available.
Microsoft has promised a lot more for Windows Phone 7 - Internet Explorer 9 mobile browser, Twitter integration, cloud support for Office and of course multitasking. These features should come later this year, bringing Windows Phone 7 up to speed with the competing OSes before the WP7-running Nokias come out.