Cupcake 1.5 is being distributed over the air, and had been earmarked for a May release, however some G1 handsets have reportedly already received it.
Ok, ok, so we know it's May tomorrow, but we didn't expect we'd see it quite as early as this. The update is set to bring a whole host of exciting new stuff to the handset, including video recording and an on-screen keyboard. There will also be a handful of tweaks and improvements as well to make it all run a bit nicer.
We're booting up our G1 in the office to see if we're one of the lucky ones, and we'll be sure to keep you updated. In the meantime, get Android happy with our full hands-on HTC Magic video.