I'm late delivering the news, but after 1 whole year of waiting for this massive update, it's release creates so much excitement within the community. Now we await the future spoilers and announcements concerning Terraria Otherworld.

The official massive changelog of 1.3 (Posted by Redigit):
http://forums.terraria.org/index.php?threads/1-3-changelog.20617/

With a set release date of June 30, Terraria 1.3 will conclude Redigit's final contribution to future Terraria updates. The incredible new set of Lunar-related items and invasions will provide a different play through experience for Terrarians. In addition to the release date announcement, Cenx has supplied two beautiful spoilers.

https://www.youtube.com/watch?v=MXam7gSObek

https://twitter.com/Cennxx/status/605799803939733504/photo/1

As the speculation of Terraria 2 begins to die down, Re-Logic introduces a new game called Terraria Otherworld. This game features very similar aspects of Terraria, yet offers new items and mechanics, as seen in the trailer video:
http://forums.terraria.org/index.php?threads/terraria-otherworld.11627/

Enjoy!