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Steve Ballmer announced that January Update to Windows Phone 7 yesterday during his keynote at CES. This morning a link has gone live with the details about the update an how you can install it  ( link  below). For people who have already purchased a phone, I suggest that you make this update which will come through your Zune Software when you are prompted. This should happen in the next couple of days.

There are 3 key features which make it an important update:

1) Copy and Paste – This is the most eagerly awaited feature that was requested by consumers since the launch.

2) Faster Apps – There has been a number of improvements to the time it takes an application to start or resume

3) Easier Searching for apps – The marketplace allows you to search for music as well as apps and games. At launch there was a lot of feedback that it was really hard to search for apps or games, because the music titles were so vast in the Zune Marketplace. You can now directly search for apps and games.

The build is also a whole lot faster in a number of areas.

http://www.microsoft.com/windowsphone/en-us/features/january-update.aspx