Theres no release yet but my guess is by the end of the month or so.

well my xbox freezes everytime I try to invite someone to the party

MinecraftPVPYO wrote well my xbox freezes everytime I try to invite someone to the party

XBL is having problems with messaging and parties.

OP: We know what the update includes, but no information on the release.

what does the update include?

MinecraftPVPYO wrote what does the update include?

This is literally a copy and paste. ALL credits go to Senex on another forum.

Changes / additions:
Added Redstone Lamps.
Added ocelots, cats and Iron Golems.
Added rare drops for mobs.
Added support for texture packs.
Added three new blocks (Chiseled Stone Brick, Chiseled Sandstone and Smooth Sandstone).
Changed Oak Sapling textures.
Cocoa Beans can now grow on Jungle Wood, and will spawn randomly on Jungle trees.
Crafting recipe for ladder now yields 3 ladders instead of 2.
Increase of Map Height from layer 128 to 255 (roughly double).
New AI for mobs.
New Jungle biome.
New tutorial world, including all new blocks and stuff.
Placing blocks on grass will replace the grass, instead of placing the block on top of the grass.
Possibly: Made 3rd-person view move a bit slower, so that players can see the side of the character's head.
Slabs and Stairs can be placed upside-down by placing them below a block.
Very rare Desert Wells can be found in Desert biomes.
Villagers will have children if there is room in their village. (Breeding)
Zombie sieges will occur occasionally at night.
Zombies break down doors on Hard difficulty.
This is not the official changelog. It may be subjected to changes.