A New Update
Despite the announcements of Terraria's development ceasing, (Part 1 Part 2) Redigit has announced an update for the PC version, that will be bigger than the 1.1 update, and should be coming around the end of May. Redigit also has been giving away spoilers on the Terraria IRC Channel (his Twitter is very active too) and has revealed such things as Moss that grows on stone, a new Grappling Hook, and more!
- A thread asking what YOU want for the next update (January 23, 2013)
- A thread displaying all features Red has announced/hinted for the next update on the IRC (Feb 28, 2013 and being updated)
- Main Article: Terraria Collector's Edition.
The Collector's Edition is available for preorder on both Amazon UK and Amazon Germany for 14 and 19 Euros respectively. The publishers are currently working on making the game available in the United States and other countries. The United Kingdom version will ship on March 16, 2012, and the German version is to ship on March 1.
The Collector's Edition is to contain:
- Physical copy of Terraria
- Pickaxe key-chain with the Terraria logo
- Terraria poster
- Terraria trading cards
- Unique in-game pet bunny
- The following information is being maintained as an archive. It is unlikely that any of the following features will be added to the game in an official update.
Possible Upcoming Features
- Pure PvP servers with team based objectives. Worlds will be generated before every match. Imagine a CTF server where towers are automatically created on either side of the map. Players can fight it out on the surface, or try to tunnel into the other tower.
- Adding sloped/inclined tiles to make the world smoother.
- New harder world types to continue game progression (Ex: Alien planets, alternate dimensions, evil worlds, etc.)
- Enemy factions that will move into your world, and build their own city. You can slaughter them while they are weak, or let them build up their strength to get better rewards.
- More events: Volcanoes, earthquakes, more/improved invasions, etc..
- Weather: Seasons, floods, etc..
- Farming, and stamina system that gives a bonus to player stats.
- NPC and World Interactives
- Cleansing Pool (Makes Ebon Stone into Stone, and other evil items to non-evil, etc.)
- NPCs w/ Quests
- A Completely Overhauled Spell/Magic System
- Early Magic Weapon and Mana from the Start
- World and Gameplay Dynamics
- More Floating Islands content: Weather, Clouds, etc. 
- Separate cooldowns for edibles.