Microsoft has published a Knowledge Base Article - KB2484484 bsupport page to help Windows Phone 7 user with the update.
While the support page doesn't detail much about the upcoming OS update, it does give end users of an idea what to expect when upgrading. It also lends credit that the update will be pushed out in the near future which is good sign for those who have been waiting.
The impending update is expected to bring a few enhancements to Microsoft's latest mobile platform. Expected in the update is, at minimum, copy & paste functionality and faster load times for 3rd party applications.
More Info: KB2484484