As has been discussed before, Windows Phone 7 is set to release a major update later this year, but it appears that the boys in Redmond may finally be ready to send out an OS refresh that will substantially improve the existing WP7 user experience. First and foremost, copy and paste is included, which given how long we've been waiting for that functionality, would be more than enough to appease the majority. The update, however, also promises significantly lower load times for third-party apps due to improvements made in memory management. We don't have details on the specific tweaks made, but generally, the changes allot more memory for pre-loading applications to hasten things significantly. Who knows when users will receive the upgrade, but here's hoping it's sooner rather than later. Peep the video after the break to see just how much faster you'll get to start honing your Fruit Ninja skills when the mood strikes.