'NoDo' A Go from Microsoft
Microsoft has begun distributing the 'NoDo' update to devices running Windows Phone 7. The update adds copy and paste, better Marketplace search, and cleans up some bugs. Users can get the update by connecting to their PC. The HTC Arrive ships with NoDo installed.
So... just like an iPhone.
If I recall correctly, a message should go out over the air telling you to update, but that relies on carriers, so it may be a few days.
Too bad the rumors weren't true...
And for goodness sake, Microsoft, catch up with every other phone company in the world and provide custom ringtone support.