Microsoft has released the first update for Windows Phone 7, but the “cut & paste” support that was originally slated for this update has apparently been chucked in favor of getting the update out. The “cut & paste” support is still on track for an upcoming update.

Those that own a Windows Phone 7 should get a message about the update being available, but they will have to connect to a PC or Mac to actually install the update, according to the whispers that we hear.

While this update is primarily a collection of bug fixes, we are told that the next update should feature more in the way of adding some new functionality than this one did.