Redigit has been dropping some spoilers for the next update of Terraria in IRC and on plug.dj.
Am I correct in thinking that none of this will hit the console versions? I thought I remembered reading that all the console-exclusive content was to stay on consoles, but this update would similarly not affect other platforms.
Yes, you are correct. Terraria 1.2 is an update that was meant to keep the original (PC) players busy while the Console version is making the game more popular. In other words, they are making 1.2 so the PC players are going to get some content after the long wait, after the Console version added a bunch of content that the original (PC) players did not get. Good day :)
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