It's official, as confirmed from Notch's Twitter and Rock, Paper, Shotgun, the 1.3 update will be released on Tuesday, February 22nd.
It's confirmed that one of the new craft-able items added will be a bed. However this won't just be for cosmetic purposes. Ever wish it was daylight so you could make a quick run over to your garden for more wheat? Ever wish that stupid gold clock would turn just a little bit faster so you could get back to exploring? Well the bed does just that. Right-click on it and you will sleep through the night, making it instantly day time :)
There are other things that will (hopefully) be included in the update, but what I'm rooting for is this:
This Redstone repeater would make traps/music setups SO much smaller and easier to work with. Cross you fingers guys, we will find out on Tuesday!