From the Future Minecraft Update panel we learned that Minecraft 1.5 is called the "Redstone Update!" and is not likely to be out before Christmas 2012. :( Possibly a January time frame was indicated.
The update will include:
- More predictable and consistent in redstone behavior/timeing and logic.
- Redstone signal strength will matter, they want to make it more analog like.
- Capacitor Block
- Weighted Pressure Plates
- Improved Minecarts
- Daylight Detector