A lot of new content will be added to the game soon.
The creators of Terraria have released a new diary and talked about their future plans for the game. Work on the next "final" patch continues.
Re-Logic expects to be able to release update 1.4.5 for Terraria in the coming months. In October, the developers were engaged in localizing content and expanding the list of supported languages, as well as resolving organizational issues.
At the moment, the authors of Terraria "realistically assess" the release window of update 1.4.5 as the period from mid-December to the end of January. However, the deadlines may shift, as there are many variables.