Today Microsoft gave the statement which says, “Microsoft is committed to delivering regular updates to the Windows Phone experience. Our first update will make copy & paste available in early 2011. In addition to this first update, all Windows Phone 7 users should expect to see additional updates delivered in the future as part of Microsoft’s ongoing update process.”
This should mean that Microsoft is focusing on getting copy and paste out first, before anything else. Other features will be slowly added over time, gradually building up the update- not something massive dropping like a bomb as advertised previously.