Terraria's 1.1.1 update is now live! Changes include many bug fixes, Holiday-themed blocks and items, and a special new biome. For full patch notes, head to http://www.terrariaonline.com/threads/terraria-1-1-1-christmas-update.70447/
Find out everything there is to know about the game at the Official Terraria Wiki, including a list of confirmed future additions to the game. 1.1.1 information is to be added as quickly as it is obtained!
Terraria developers often post small teasers and discussions on the Terraria Online forums under the names Redigit and Tiy, so for the most current updates from them be sure to follow their activity there! You can also find guides, maps, server listings and everything you need to make your Terraria experience complete.