During the Nokia World keynote, Nokia announced they will ship a new update known as ‘Lumia Black’ that will hit the newly announced 1320 and 1520 models first, then follow on all WP8 Lumia devices. This means your at the end of the line if you’re running WP7. The update will reach most Lumias early next year.
We got very little info on what the update will contain, just that it will be a rollup of Windows Phone Update 3 and Nokia updates on top. Look out for more information on Lumia Black in the near future.
On a side note, Nokia had plenty to say during the event, including the confirmation that Flipboard would also make it’s way to Windows 8.1. Expect this around the time the Lumia 2520 tablet ships.