Here is a great video of the new Minecraft 1.8 update. Looks like tons of new stuff coming Minecraft's way.
From Notch: Most of the basics of the game engine is in place, so it’s time to flesh this game out into something more gamey. More content, more exploration, more things to do, and interesting combat! Once this update is out, there will only some tweaks, optimizations and code cleanups left to the core game before we can call it a full release.
Here are a few of the things we’ve revealed so far: