[Update #2]: Terraria's likely final update "Labor of Love" has now arrived with a bunch of improvements.
[Update]: After many months of teasers, Terraria's Labor of Love update will be launching on September 28th.
After many, many years of quality updates, in 2020 the Re-Logic team decided it is time to bring Terraria's long and storied journey to an end. Rather than let it simply fade away, they released an absurdly massive expansion that added 800 new items to find or craft, a whole host of new enemies and bosses to throw yourself against, a greatly improved world generation system, and the list goes on for a while. As far as final updates go, it doesn't get much better than that!
So naturally, two years later, Re-Logic is now getting ready to unleash yet another chunky new update - "Labor of Love". While this one will also bring with it a variety of new content to mess around with, most if it will be focused on quality-of-life improvements, balance tweaks, as well as general fixes to make the whole experience a much more pleasant one.
The exact list of changes and additions has not been announced just yet, but the good news is that the community wiki has seemingly been updated with every teaser and reveal Re-Logic has shared so far. So while the list won't give you the full picture, it should at least give you a bit of an idea of just what kind of update you can expect to see.
Speaking of which, you'll be happy to hear that you won't have to wait all that long in order to see just what Re-Logic has cooked up as the "Labor of Love" update will most likely be launching in late September. Right now all of the code has been frozen and the team is simply waiting for the various consoles to approve the update in order to have a simultaneous launch - hence why the somewhat ambiguous release date.
Once the update goes live I'll make sure to let you know. Until then, you can read a little bit more about Terraria and its future over at Steam. Enjoy!