Terraria 1.2.4 is now live! Head over to Terraria Online to see the list of changes and additions:
http://www.terrariaonline.com/threads/1-2-4-changelog.143548/Here are some of the major changes:
Fishing is now possible with a pole and bait.
A new Angler NPC can be found that will give fishing quests.
Minecarts have been added to the game.
New summoner armor and weapons have been added.
There are 5 new mounts to help traverse the world.
Beaches have been improved.
Smart Cursor has been added to make digging and building much faster.
Pixel Piracy crossover content!
Over 22 new potions.
And much more!