News: Microsoft has released information about its much awaited update for Windows Phone.  Nope, it’s not going to be called Windows Phone 8.1 — it’s not following in the steps of Windows 8.  It will, in fact, sport a much lengthier nomenclature.  The update is called Windows Phone 8.1 Upgrade 3.  It is a mouthful, but the features may be worth the trouble.

Windows Phone 8 Upgrade 3 Highlights

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So what does Window Phone 8 Upgrade 3 have to offer?

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For phones and phablets

This update is certainly noteworthy, since the platform will now cater to devices with small or bigger screens. The update supports devices with 5-6 inches of screen, the so-called phablets, and devices with 1920 x 1080 screen resolution.  This type of screen will have enough room for six small Live tiles, laid horizontally, instead of four.

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Powerful processor

Windows Phone 8 supports devices with dual-core processors, but the update will allow it to support devices equipped with Qualcomm 8974 quad-core processors.

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Screen lock, accessibility, apps and personalization

The update also delivers new functionalities such as being able to lock the screen orientation, easily close apps in the multitask window, and a suite of apps called Mobile Accessibility that will aid those with visual and/or hearing impairment.

There’s also a new Driving Mode that works when connected with a Bluetooth device.  When active, it will limit notifications on the lock screen such as incoming texts, calls, and quick status alerts, until you are parked.  You can configure it to send automatic replies when someone calls or sends you a text message.

You can now use custom ringtones for events such as instant messages, emails, voicemails, and reminders, and even set custom tones for contacts when they send you a text message.  Before, you could only set tones for your contacts when they are calling you.

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Storage, tethering, WiFi

The update delivers a new category in the Phone Storage settings that will enable users to see which apps and other items are using up space.  Its Internet sharing feature will have a special pairing mode for particular PCs that uses Bluetooth to make connections without having to manually enter passwords.  And now, WiFi configuration happens before your phone’s Setup process ensues, which will allows you to add a Microsoft account even without cellular data, great for people who are interested in buying a phone but aren’t sure yet which carrier to choose.

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Windows Phone 8 Update 3 availability

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It will be available in new handsets coming out in the coming weeks, but for owners of devices currently running on Windows Phone 8, it could be weeks or months before the update is available, as Microsoft will still have to offer it to carrier networks who will test the update first before it is made available to consumers.

With regards to the update availability, the best news is for developers. If you want to be the first to get your hands on the update this week, you can via the Windows Phone Preview Program for Developers.  For only $19, developers can sign up and be a part of the Windows Phone developer program. Non-developers can also sign up for an App Studio account to download the preview.