Windows Phone Italy reveals the features for Windows Phone 7.8 and when the update will arrive4
Thankfully, someone at Windows Phone Italy talked. We're not sure if waterboarding or thumbscrews were used, but the result is that we now know that Windows Phone 7.8 will be available "shortly after" the new Windows Phone 8 devices are marketed. That would seem to be any day now. Keep in mind that this was not an official proclamation. Windows Phone Italy went on to add that the new features of Windows Phone 7.8 include a new start screen, the capability to share the calendar using the "function club", and access to "key services and content Microsoft." This includes the Xbox music store library.
Previously, the only part of the update that was known was the new start screen which is said to be similar to the one that Windows Phone 8 users will have. Some leaks have appeared over the last few months, some showing videos of the new start screen and a chart that shows what new features from Windows Phone 8 will and won't be included in Windows Phone 7.8. According to this chart, the update includes the new smaller sized Live Tiles, Wi-Fi tethering and improvements to the camera. Hopefully, with the Windows Phone 8 launch out of the way, Microsoft will now have the time to move forward with Windows 7.8.
source: WindowsPhoneItaly, Plaffo (translated) via WMPoweruser