You guys take fanboyism to a whole new level
To begin with, if you are one of those people that say "Microsoft cannot bring dual core, NFC, high resolution screen to your phone with a software update"... please go away! You clearly have no understanding of any of this, and you think you are smart by putting fancy words next to each other in a sentence. NOBODY I've seen has complained about not getting a dual-core chip on their Lumia 900.
For all intents and purposes, at this point I can be classified as a MS fanboy. I've had the Samsung Focus since release, got the Lumia 900 unlocked although I had no need for it, mainly for supporting Nokia's effort in the US (I know, I'm retarded), and started developing for the platform, as a way for me to contribute a little something. Hell, I even got Nokia stock! I've been sitting in anger since the dev conference and trying to decide what platform my next phone should be. And I hate Microsoft that put me into this dilemma, because I love Metro and Windows Phone.
The argument that says "your Lumia 900 is no worse than it was yesterday", is completely retarded! For better of for worse, Apples has taught us that you can increase the functionality of a phone over its lifetime, and supposedly that's a big advantage of WP over Android. Removing Siri from iPhone 4, does not compare in any way with WP7.8 vs WP8. Read again carefully, and you will realize that only the start screen is coming to WP7.8 and nothing else. They stated it very clearly in the team's blog, and they were very careful at the presentation. I'm willing to bet money that not even Skype integration is coming. And let's face it: Mango has a lot of limitations, which I was fine with, because Apollo was supposed to come and fix everything.
Now it is COMPLETELY justified to feel that I just received a big "fuck you" from Microsoft and to an extent Nokia. And this is to all their customers that have supported their platform through these shitty for them times. Also if you don't have a last gen device, don't bother criticizing others. For you, an upgrade now to a WP8 device is the reasonable thing to do. But not for anyone who bought a device over the last 6 months. Anyway, this topic has been beaten to death already, but I had to write my own rant. Suddenly now I see myself watching the Android presentation next week, to look into whether that's a viable alternative for me. On the other hand, I don't want to abandon all the people who have bought my app, by stopping developement. I also love Metro. And I hate Microsoft for putting me into this position because if I give them 1 more cent of my money for a phone, I go against everything I've been saying for the past 2 years.
Not cool Microsoft...
Edit: From the first few replies, it seems the general trend is for people to say that I should wait for MS to announce officially what's in WP7.8. I see where you are coming from and although I'm sure about just the start screen coming over, I'll agree with you that I have to wait. Please do remember though what you were saying, when they do make the final announcement.

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