Microsoft just announced at the MWC today what lies ahead for Windows Phone 7. Several new features are scheduled for an update due out in the first two weeks of March while several other major features should be updated by the second half of this year.
Coming this March, the much needed copy-and-paste function will be implemented along with substantially improved performance, a better Marketplace interface, and CDMA support. The added CDMA support confirms plans for WP7 devices to be available through Verizon and Sprint in the first half of this year.
For the major update due later this year, Microsoft intends to introduce many new features including but not limited to multitasking similar to webOS's card-based task switcher, the ability for third-party apps to run in the background, Internet Explorer 9, and Twitter integration into the People hub. Additional updates could be possible and further details on their SDK improvements will be revealed at the MIX 11 conference in April.