Finally Windows Phone 7.8 update starts to roll out !!

Another reason to be happy for Windows Phone users.. Microsoft has finally released the long awaited Windows Phone 7.8 Update. The Update features

1. A whole new Windows Phone 8 like start screen.

2. The lock screen will be customizable - users can pick an app to update the lock screen periodically, something that sounds a lot like WP8's Live Apps service.

3. Internet Explorer will be updated with enhanced security, but it seems like Windows Phone 7.8 will keep using IE9 and won't get IE10.

4. MP3 editor that can be used to create ring tones out of songs.

5. There will be more system colors available too, for a total of 20.

Here is a post regarding the update release :

Reports have been flooding in detailing an update for Windows Phone 7.5, which can only mean one thing - Microsoft has begun rolling out Windows Phone 7.8 for those who own previous generation hardware. Windows Phone Central readers, as well as WP7.nl have received notification of an available release on the Lumia 800.

  

Windows Phone 7.8 is a major update that Microsoft announced alongside Windows Phone 8. The release is to implement new features on legacy hardware, including the new start screen Live Tile layout and other goodies. Those who have managed to receive and apply the 7.8 update have noticed a new splash screen and Xbox Live Tile that are present on Windows Phone 8.

According to WP7.nl, the update process for the Lumia 800 includes a number of builds as well as a Nokia update. Reported OS version 7.10.8773 is bumped to 7.10.8779.8, and is then proceeded with the update to 7.10.8783. This then prepares the device for the final update to 7.10. 8858.136. Welcome to almost-Windows Phone 8.

We're yet to get our Windows Phones to register the update, so be sure to let us know if you've received the one in the comments, along with which Windows Phone you're using and carrier (if applicable) you're with.

[Note: This could be a staggered rollout, dependent on carriers and OEMs, so don't get your hopes too high just yet. Microsoft has yet to announce anything official about this occurring, meaning this is still limited to just a few users and phones.]