1.7.4 is an update which included – among other things – a new Mojang splash screen, Twitch.tv broadcasting and the chicken jockey. While it was not the last update to 1.7, it was the last one before the snapshots of 1.8 started. Native broadcasting to Twitch.tv. Microphone can be recorded too.
Starting in the period between Beta 1.7.3 and Beta 1.8, Mojang began to publicly release testing versions of full updates in order to get major feedback, especially for bug reporting. This enabled the official updates to be considerably more stable. Mojang generally releases snapshots on Wednesday.
Ooops! Probably, this site does not exist...