Upcoming features

Terraria 1.3.1
The Terraria 1.3.1 update will be focused around improvements and additions to the wiring system of Terraria. Players are encouraged to send in their ideas here.

Content

 * Logic gates (AND, NAND, OR, NOR, XOR, and XNOR)
 * New Hardhat item.
 * Yellow Wire.
 * Snow no longer passes through blocks.
 * Conveyor Belts.
 * Large Gems can now be placed in containers and can activate wire when done so.
 * New pressure plates activated by projectiles.
 * New Large Amber gem.
 * Updated Large Gem textures.
 * Controller support.
 * Traps can now face up and down.
 * Block that works like a wire bridge, allowing two wires of the same color to intersect without merging.
 * A new campfire.
 * Updated some crafting stations and piggy bank textures.
 * Penguin statues that spawn Penguins.

Terraria Series
Following the release of the Terraria 1.3 update, lead developer Redigit has moved on to working on Terraria: Otherworld, though developers Yoraiz0r and Skiphs plan to continue updating Terraria into the future.

Redigit has also stated that he plans to later release Terraria 2, a seperate game from Terraria: Otherworld, although little information is known about the nature or content of this sequel.

Tweets
Other

Cenx confirmed to Pedguin, and gave permission to share, that penguin statues will indeed be added in 1.3.1, link:https://www.youtube.com/watch?v=-YRPiGT4-VM