First off I want to thank everyone who has remained supportive and patient while waiting for this update! The team and I are working very hard and want to get it out as soon as possible but we do not want to release something that is not finished and polished properly. As far as things to finish go we still need to revamp the dungeon, give hell a facelift, finish up 5 bosses, and if time permits add the npc quest system. Most of the hard stuff has been finished but it is still very difficult to give an actual release date that isn't just, " I hope it is done by X" or " It's done when it's done." Just trust that I know what I am doing with this update, I really don't want to release something that lacks content and you blow through in 2 days.

Walking goldfish : http://www.terrariaonline.com/attachments/walking-goldfish-walking-gif.60950/
Rainbow gun : http://www.terrariaonline.com/attachments/item_1260-png.60952/

I recall a lot of people requesting a rainbow gun so here is the wip version ( it was difficult to get a picture of the gun itself while screen shotting but it looks awesome!)
http://www.terrariaonline.com/attachments/rainbow2-png.60948/