Notch has indicated on his blog that the upcoming version 1.7 of Minecraft will not feature the hotly-anticipated Adventure update -- instead, it will simply add the ability for players to construct pistons as well as "a couple of bug fixes."
"The Adventure update will take however long it takes," says Notch, "and will be released as 1.8. It might be a long wait, but it will be worth it!"
Developer Jeb has confirmed that the "Adventure update" is not the same as the proposed "Adventure mode." Adventure mode is a planned game mode for the game which functions similarly to a first-person perspective Roguelike -- the world is randomly generated and filled with treasure buried deep inside dungeons which the player may not be able to modify in the same way as the base game. There has so far been no sign of this mode in the game, however.
The Adventure update, conversely, is simply a means for the team to "flesh out the game a bit, making it reward exploration and combat more," according to Notch.
The "finished" version of Minecraft is "almost certainly" releasing the week after 11/11/11, and the occasion will be marked by a special MinecraftCon. Keep an eye on Notch's blog for further details nearer the time. Players can expect more fleshed-out gameplay, a finished mod API, better performance, friends lists, a server browser and the integration of single player and multiplayer in the final version.
Sounds good. In the meantime, you can pre-order Minecraft and get immediate access to the current beta here.