We know the first Windows Phone 7 update is imminent with the publishing of the Microsoft knowledge base article dealing with several possible issues and troubleshooting in the process.
According to several rumors emerging from French Windows Phone 7 enthusiast websites, the update could hit devices as early as February 7. While there is no confirmation as well as no indication on the accuracy of these rumors, a Windows Phone 7 update on the 7th of the month could be possible. On the other hand, it wouldn't make sense for Microsoft to roll the refresh out one week before Mobile World Congress.
Regardless of the date, it's very close and it will surely bring the highly anticipated Copy/Paste feature along with some performance improvements that would make current devices and the experience much more fluid and faster.