Microsoft decided to end any speculation and just announced that Windows Phone 7.5, code-name Mango, will be rolling out to existing Windows Phone 7 handsets in one or two weeks. Obviously not every country, manufacturer and carrier will be getting the update as the same time. Microsoft will be keeping us up to date on the roll-out, at “Where’s my phone update“.
In order to get the update be sure you have the latest version of the Zune software for Windows PCs and Windows Phone 7 Connector for Macs.
Microsoft’s Eric Hautala is also warning users:
During the official Windows Phone 7.5 update process, every Windows Phone will also receive software from the handset manufacturer. This matched and paired firmware has been painstakingly tuned so your phone—and apps—work with all the new features of Windows Phone 7.5. Since your phone requires the proper firmware to function as designed, my advice is simple: steer clear of bootleg updates and homebrew tools.
So you might want to stay away from homebrews until the update is done and dusted.[Windows Phone Blog]