The effect of this new terrain.png generator are more highly detailed textures, and less lag.

Johan Bernhardsson's Twitter

0.7.4 will serve as the update for all bug fixes in the previous update.

Tommaso Checchi's Twitter

Tommaso will be adding the sounds when tools break, we might expect this in 0.8.0

Tommaso Checchi's Twitter

Here is an update review uploaded by WorldOfGamingTV1, to better know all of the new 0.7.3 update

WorldOfGamingTV1's YouTube channel

WilliamTDR, known for having created the LBSG, which acts as a bunch of Hunger Games-like servers, only found in Pocket-Mine

All the LBSG servers have been updated to v4.0, which contains the following features

No more breaking/placing blocks.
Players spawn in pods before the game starts.
Spawn box removed.
New, checkered deathmatch arena added.
New dynamic MOTD.
Players are not asked to choose thier class except in the MOTD.
If a player does not choose thier class before the game starts, they are assigned a random free class.
Removed spectating.
Added placement message (e.g: "You have died. You placed 7th out of 24 players.")
New maps (Breeze Island 4, Fortress Pyke, Insanity Cause, Moonlight Lake, SnowBound, Solar Frost, Terewan SG1, and Terewan SG2)
Added better plugin update system.
Added infintite scalability system.
Added proxy connection (one server instead of 68).
Added PocketMine-auto updater.
Better server security.
Added weekly map rotation (automatic).
Improved leaderboard site.
New announcements.
Fixed /getpos and ending coords announcement.
Added /list.
Added /time.
Added /authenticate for moderator login.
Shortened invincibility period to 30 seconds.

Tutorial for Pocket-Mine and how to join Pocket-Mine servers will be posted later.

Johan Bernhardsson has updated all Realms servers to 0.7.3. Pocket-Mine servers has already updated too.

Johan Bernhardsson's Twitter

Users noticed that when you place a block near a chest, it will turn black. Tommaso responded to this and he said that this will be fixed in 0.8.0

Tommaso Checchi's Twitter

Here is the changelog for 0.7.3:

- Added Sun, Moon, and stars
- Double chest
- Quartz slabs
- Cooler title screen
- Many Realms improvements
- Bug Fixes

Hope you like the new update! The 0.7.3 glitches/bugs will be announced later.

Well, that was quicker than expected. But Johan announced that 0.7.3 has been released by Apple and Google, but it will be available to your mobile devices in a few hours. The Changelog and bugs will be announced in this blog later

Johan Bernhardsson's Twitter

After Apple and Google release the update, Mojang will then submit the new update to Amazon, and etc.

Johan Bernhardsson's Twitter

Johan and Tommaso are doing some final bugfixes and announced that 0.7.3 might come out tomorrow

Johan Bernhardsson

Johan and Tommaso are going to do some bugfixes to Realms on the weekends

Johan Bernhardsson's Twitter

Tommaso has made the in-game GUI transparent, as seen in the previous blog post

Tommaso Checchi's Twitter

Tommaso added mipmaps to MCPE

Q:What is a mipmap?
A: Mipmaps are feature that makes faraway things look smoother when moving Tommaso Checchi's Twitter

Tommaso discussed about if he'll not add infinite worlds, he might copy like the one on the Xbox 360 Edition

Tommaso Checchi's Twitter

Johan Bernhardsson has just submitted the new update to Apple and Google, might take one-two weeks for release.

Johan Bernhardsson's Twitter

Johan Bernhardsson listed all of the features that have been set for 0.7.3

Here are the features:

-Ability to reset your realms
-Splash text on Menu Screen
-Sun, Moon, sunset, and stars
-Double chest
-Chests now have an open/close animation and sound
-Quartz Slabs
     Tweaks:
-Small changes on login/sessions
-Spider's eyes now glow in the dark
-Zombie and Skeleton visually burn in the morning
-Realms connection is now easier
-Dropped support for iOS 4.3 in favor of 5.0
     Bug fixes:
-Many realms fixes
-Fix Login Problem
-MCPE-3988 - Furnace crash bug *SEVERE*
-MCPE-3989 - Inventory bug (throwing items in hand while in a gui)
-MCPE-4122 - Glowing Obsidian can yield resources with an Iron pickaxe, but obsidian can only be mined with a Diamond one
MCPE-4546 - Capital "W" can't be typed when creating world

Tommaso Checchi's Twitter
Johan Bernhardsson's Twitter

Isn't there anything that this developer couldn't do? He'll add Caves and Infinite Worlds before Hunger will be implemented

Tommaso Checchi's Twitter