The Terraria team has just unleashed its 1.2 update for the PS3, Vita and 360 platforms, which basically tweaks every single aspect of the entire game. Everything looks better, and gameplay is overall smoother. There are a ton of bug fixes on tow on top of all this, as well as new content, enemies, friends, and tools.
The patch has been developed for nearly a year now (and PC fans have already been enjoying it), and it's effectively a new game. The patch notes are incredibly dense, so feel free to check out the full list here.
Terrarria Official [Facebook]