Redigit has been dropping some spoilers for the next update of Terraria in IRC and on plug.dj.
505 Games has announced update 1.4.5 for Terraria is now available; features crossover content from Palworld and Dead Cells.
Re-Logic: "August was quite an eventful month for Team Terraria. We are well into the final push for Terraria 1.4.5 (for real, more on that below), and tickets are flying through the system. Several members of the team were also able to get together in person this month for the first time in many years - and for the first time ever with some folks. We have also been able to take care of a lot of planning for "what comes next" that will hopefully make for more consistency down the line. More on that in the future. With that said, we are all back home and ready to push this over the line."
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Am I correct in thinking that none of this will hit the console versions? I thought I remembered reading that all the console-exclusive content was to stay on consoles, but this update would similarly not affect other platforms.
Yes, you are correct. Terraria 1.2 is an update that was meant to keep the original (PC) players busy while the Console version is making the game more popular. In other words, they are making 1.2 so the PC players are going to get some content after the long wait, after the Console version added a bunch of content that the original (PC) players did not get. Good day :)