Terraria is still continuing to get updates with 1.3.3 being the newest one planned. Redigit stopped working on Terraria after 1.3 as he has moved on to focus on Terraria: Otherworld. Cenx, Yoraiz0r, and Lazure still continue to update Terraria however. The game is technically a "complete product" as it is now, but it continues to get updates despite this. Eventually updates for Terraria will stop with there being a Final Update, but it doesn't appear that will be for awhile.
For Consoles, the old generation consoles will not receive the 1.3 Update, but the newest gen consoles (Xbox One/PS4) will get 1.3 sometime around next year based on this latest announcement for Consoles/Mobile.
If you didn't notice, we're getting 1.3.3. This game is considered a 'finished product' since 1.0, and we can all be grateful that they have been pushing out a ton of updates for free for 4-5 years.
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