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Neowin.net reports that the first Windows Phone 7 update has been delayed due to last minute changes by Microsoft and/or OEMs



Previous rumored release dates pinned February 7, or sometime around the date of Mobile World Congress (February 14th). Apparently, Microsoft is set to reveal the date officially at Mobile World Congress, but will not make it available at that time.

While the news of the Zune update hitting made many users get excited for an imminent update, Microsoft when asked for comment will only state that it has only ever said "Early 2011" on record, and will not provide more information.
  Windows Phone 7 update not due until March 8