My title sounds ridiculous but it seems that the next update for WP7 will be Windows Phone OS 7.5 or Mango, based on the information.

This information is actually officially on Microsoft Partner website. Of course, the name Windows Phone 7 will not change but it seems that the OS has been upgraded to 7.5.

Click Here for a Glimpse of WP7 OS 7.5

or

Click Here to Read at Microsoft Partner Network site

In any way, I am excited over the features found. The only and one complain is that Microsoft is TOO SLOW!

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(source)