Source: mojang.com, Jeb's twitter feed.
So Jeb tweeted that the red stone update will be out in about 40 minutes, 40 minutes ago. So that means that it'll be out any minute now!
Added Redstone Comparator (used in Redstone logic)
Added Hopper (collects items and moves them to containers)
Added Dropper (similar to Dispensers, but always drops the item)
Added Activator Rail (activates TNT Minecarts)
Added Daylight Sensor
Added Trapped Chest
Added Weighed Pressure Plate
Added Block of Redstone
Added Nether Brick (item)
Added Nether Quartz and ore
Added Block of Quartz, with half blocks and chiseled variants
New command: /scoreboard
New command: /effect
Containers and mobs can have custom names
Inventory management has been changed, for example you can drag-place items over slots
Texture packs now have separate images for each block and item, and can have animations
Nether Quartz Ore now spawns in the Nether
Smooth lighting now has three settings (none, minimal, maximum)
More detailed death messages
Some hostile mobs now are harder in Hard difficulty
Many, many, bug fixes
This update is likely to ruin your redstone inventions, so make sure you back up your saves before updating. I won't have time to test this update out until later today.
What do you guys think of the update and will you be updating?