He writes that we can expect two updates this year – the first expected to be announced this week, but only pushed in February by carriers, will be called NoDo (for no donuts), will bring support for the Qualcomm 7×30 smart phone chipset, a CDMA location stack, and a number of software fixes.
Of note is that the Snapdragon-based Qualcomm 7×30 chipset comes with HDMI output and the ability to play back 720p video on both its host device and a HDTV. It also supports Flash 10.1.
The next Mango, will come some time later in the year, and bring Internet Explorer 9 with with the Trident 5 rendering engine, HTML 5 and Silverlight, and gesture support. This 75xx (actually version 7.2) update will apparently bring additional, unrelated features as well.
Paul also mentions that Microsoft does not intend to push a number of small updates, but only a few large updates per year, which should mean long waits between each one.