Microsoft just announced that the long awaited Windows Phone 7.8 update for existing handsets will roll out only in 2013. The most obvious part of the update is the new homescreen which will feature the same resizable live tiles as on Windows Phone 8 running smartphones.
The update will also bring some security enhancements for Exchange users and additional theme colors. The feature additions extend to the lockscreen where you’ll be able to automatically set the Bing picture of the day. While not as good as a complete upgrade to Windows Phone 8, the update should bring most of the user experience related improvements to current devices. Expect it to roll out to most of the Windows Phone 7.5 running devices sometime in Q1, 2013.