Windows Phone 7.5 update?

Windows Phone 7 isn't even out for a year just yet, and here we are with whispers of Windows Phone 7.5 on the horizon - sometime in January 2011, to be exact.

It now seems that the January / February updates will merely be bug fixes and minor tweaks. Mary-Jo Foley states that a much more substantial update should appear in August or September 2011 with her sources calling it, "Mango" with perhaps a new retail name of "Windows Phone 7.5". "Apollo" will apparently be the internal codename for Windows Phone 8, expected in 2012.

Source