I've seen a LOT of posts asking what is going into the next update, when it will be, ect.
So first some FAQ:

Q: When will update be?
A: Late August (4J Studios Twitter)

Q: Will a new skin pack come out with it?
A: They confirmed a skin pack two, but no release date

Q: Will it bring us up to date with the computer?
A: Almost

Q: Will there be Enchanting?
A: No, Enchanting doesn't come out until 1.0.0

Q: Will we have creative mode?
A: Yes!

(Have a question? Post it in a comment and I will answer it!)

Minecraft Beta 1.8
+ Added a brand new biome generation code that simplifies life a lot and makes things much more exciting for the future
+ added creative mode
+ Added new mob; Endermen
+ Added FOV slider
+ Added brightness slider
+ Added randomly generated ravines
+ Killing a monster makes it drop experience orbs
+ The player can level up by gathering experience orbs
+ Added randomly generated houses
+ Added huge mushrooms
+ Using bonemeal on small mushrooms grows the mushroom into a giant mushroom if theres room
+ Sky light and block light have different tints, cool colors for sky light, warm for block lights
+ Added critical hits that deal +50% damage, plus an extra point to make crits with weak weapons worth it
+ If the player hits a mob while falling, they always hit a critical hit
+ The game now keeps track of damage sources and types
+ Some damage type ignore armor now; drowning, being on fire (but not being IN a fire), falling out of the world
+ Ice now only spreads next to existing ice or from coast areas
+ Made the explosions prettier
+ Made level height depend on a single variable
+ Added sprinting
+ Added hunger
+ Food is now stackable
+ Added suspended particles to water
+ The player regenerates slowly while the food bar is high
+ Eating food now takes time
+ Skeletons hold their bows better now
+ Added melons
+ Made melons and pumpkins farmable
+ Animals that get hurt will flee randomly for a short while
+ Pigs have snouts now
+ Added fence gates
+ Added Silverfish
+ Added Cave Spider
+ Added huge underground dungeons (stronghold)
+ Added underground mine shafts
+ Added sprouts for melons and pumpkins
+ Added vines
+ Added iron bars
* Fixed mushrooms spreading infinitely
* Fixed caves generating with too many dead ends