Described as Terraria's "biggest addition yet," the 1.2 patch adds a host of new content to the game. Players can expect to cast magic spells, wield beam sabers (think: lightsabers, without the IP infringement) and ride on unicorn mounts. New biomes, furniture, clothing options and enemies are also said to be present. A full list of every addition found in the 1.2 patch is not yet available, but the Terrarian Times offers a solid overview of what you can expect to find.
It is currently unknown if the additions delivered by the 1.2 patch will make their way into the console or mobile versions of Terraria.