Updates to Terraria have been released. The updates will be applied automatically when your Steam client is restarted. The major changes include:

Items

• Added Feature! - Social Slots. All normal armor and vanity items can be placed here to use their graphical appearance in place of equipped gear without overriding their stat gains.
  
• New Vanity Items - Tuxedo Shirt and Pants
  
• New Vanity Items - Plumber Outfit and Hat
  
• New Vanity Items - Hero Outfit and Hat
  
• New Vanity Item - Bunny Hood
  
• New Vanity Item - Fish Bowl
  
• New Vanity Item - Top Hat
  
• New Vanity Items - Archaeologist's Outfit and Hat
  
• New Vanity Item - Ninja Outfit.
  
• New Vanity Item - Red Hat.
  
• New Vanity Item - Summer Hat
  
• New Vanity Item - Robe
  
• New Vanity Item - Robot Hat
  
• New Vanity Item - Gold Crown
  
• New Item - Leather
  
• New Item - Green Dye
  
• New Item - Black Dye
  
• You can now wear the Jungle Rose in your hair
  
• The Water Candles enemy spawn rate increase effect now works correctly when held
  
• Some items that were missing lore text in their tool-tips now have them.(Breathing Reed,Grappling Hook Jungle Rose.)
  
• Ammo items are now listed as Ammo in their tool-tip and Equipable Items that offer no stat bonus list as Vanity Items in their tool-tip. Items used in any recipe now list as Materials, in their tool-tip.
  
• The Magic Hat now offers 2 Defense to its wearer and the Empty Bucket now offers 1 Defense to its wearer.
  
• Dungeon Blocks now require at least a Nightmare Pick to mine, unless they are near the spawn location, where they can be mined by any pick.
  
• Phoenix Blaster has had a reduction of stats to balance better with other items of its tier.
  
• Gem, Mushroom and Bottle sell values have been reduced.
  
• Hell Forges above the rock layer can be moved with any hammer, but below require a 60% power hammer or stronger.
  
• Angel Statues are now more rare of a find.
  NPCs
  
  • New NPC - Bunny
    
  • New NPC - Goldfish (Is also an Item)
    
  • New Enemy - Corrupt Bunny
    
  • New Enemy - Corrupt Goldfish
    
  • New Enemy - Piranha
    
  • New Enemy - Harpy
    
  • New Random Mini- Boss - King Slime
    
  • New Enemy - Bat
    
  • New Enemy - Jungle Bat
    
  • New Enemy - Jungle Slime
    
  • New Enemy - Snatcher
    
  • New Rare Enemy - Dr. Bones
    
  • New Rare Enemy - The Groom
    
  • New NPC - A Clothier will now move into your town when the conditions are met.
    
  • Enemy spawn distance has been pushed back to the maximum resolution to ensure that they will never spawn on the screen.
    
  • Enemy spawn rates have been adjusted to account for the increased spawn distance.
    
  • Enemy projectiles no longer drop hearts or stars when killed by the player.
    
  • The Eater of Worlds now has Higher HP, Def and Dmg, making battling him more difficult.
    
  • Hornets no longer appear as if they are about to flip over while flying.
    
  • The Dead Miner is now a bit stronger.
    
  • Tims spawn chance has been reduced.
    Player
    
    • Players now have 1 second of invulnerability after they spawn.
      
    • The eat/drink animation now plays correctly.
      World-Gen
      
      • Surface Jungles are now possible on mud that is on the surface. Jungle trees will auto-grow on their own, as acorns are not usable on the jungle grass.
        
      • Chasms are now less frequent to appear, but always have an orb.
        
      • Mud now blends graphically with dirt, rather than stone to add for a more crisp look in Jungles.
        
      • Jungle plants now grow underwater.
        Multiplayer
        
        • Increased client side security.
          
        • Selecting summon items will no longer cause monsters to summon.
          
        • Players with a name over 20 characters will now get booted from the server.
          
        • Added some minor anti-grief protection.
          
        • Fixed a bug that would cause the client to attempt to summon an NPC during a multiplayer game and crash.
          
        • Added the -host command line parameter to the client.
          Server
          
          • Improved server timing, which should help reduce lag.
            
          • Added several new command line and config options. These are listed in serverconfig.txt
            
          • Servers will now output to crashlog.txt before crashing, allowing for more specific bug reporting.
            
          • Clients will now output to client-crashlog.txt before crashing, allowing for more specific bug reporting.
            Misc.
            
            • Screen resolutions now have limits of 800x600 minimum and 1920x1200 maximum.
              
            • Added an option that will pause the game while talking to an NPC or opening your inventory in single player. It defaults to off.
              
            • Added an option to automatically save the world every 10 minutes. Defaults to on.
              
            • Added a prompt to load a world backup if the current world is corrupt.
              
            • Added a check to determine if a world file was loaded successfully.
              
            • Attempting to Launch the game from the Terraria.exe, will now inform you to launch via Steam rather then doing nothing at all with no indication of why.
              
            • Backing out of the port selection screen now plays the correct sound.
              
            • Setting options now correctly align with the center of the screen in all resolutions.
              
            • The settings menu has been reorganized. All video related options have their own menu
              
            • The Tink sound now has a more dull sound.
              
            • The Re-Logic splash screen, now scales correctly in other resolutions.