I am not sure if this is the much talked about "NoDo" update that Microsoft have started rolling out. But I believe it is, it's just that the phone will be receiving a separate update to what the other WP7 devices will be getting. The name "Copy & Paste" is how Dell calls the update it seems they are not using "NoDo".
The update have started rolling out. Dell said it will be rolled out starting March 31. The update will be released in a staggered manner, as usual, and not everybody will be getting it at the same time.
"This set of updates will come to you in three separate cycles. First there’s an update known as the “February Update” which you may well have already received. Without this update, you cannot update to the Copy and Paste update. Once you’ve got the first, you can start working on the second – Copy and Paste will also be sent over the air and downloaded by you essentially automatically (with notification, of course.)" - SlashGear
Here is Dell's instructions on how to update your Dell Venue Pro once you get notified.
"Connect your Venue Pro to a machine that has the latest Zune software installed. If you want to manually check for the update, launch the Zune software, click the Phone link, then choose the View Synch Options button, and click Update on the left hand side.
When I clicked update, it notified me that I needed to update my Zune software first.
Next, I started the Phone Update process.
The whole process took about 20 – 25 minutes for me overall. The longest part was creating the backup.
Then, I got the confirmation that the update was successful.
After the update, my Venue Pro shows the OS version as 7.0.7390.0 (in the About section under Settings):" - Dell
Dell Venue Pro users it seems this is the day you have been waiting for! Cheers!
Update: UberGizmo posted a blog stating that the Dell Venue Pro is starting to receive the "NoDo" update. Then I was right. Dell calls the "NoDo" as the "Copy & Paste" update.
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