While there has been tremendous speculation that the Windows Phone 7.8 update would be released today, it's not going to happen. According to Terry Myerson, Microsoft's Corporate Vice President for Windows Phone, look for the update in early 2013.
The Windows Phone 7.8 update will bring the current crop of Windows Phone 7.5 devices (Samsung Focus 2, HTC Titan II, Nokia Lumia 900, etc.) as close to Windows Phone 8 as possible. Hardware restrictions prevent our old Windows Phones from making the full jump.
The 7.8 update will bring the new Start Screen, Lock Screen, accent colors and more to the Windows Phone 7.5 devices, giving them a new feel.
Source: Windows Phone Blog; Thanks, Julian, for the tip!
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George is the Reviews Editor at Windows Central, concentrating on Windows 10 PC and Mobile apps. He's been a supporter of the platform since the days of Windows CE and uses his current Windows 10 Mobile phone daily to keep up with life and enjoy a game during down time.