It doesn't really matter what the update is officially labeled, we all know what he's talking about.
OP revised:
Since
1) The development thread was recently and suddenly locked
2) This is (retail) Blockland's 5th anniversary
3) The preview screenshots were looking good
it is suspected that the shaders and shadows update will come today.
It hasn't yet, but komp and badspot both appear to be sleeping, having last been online at 2 and 4 in the morning, respectively.