@VSChawathe: Glad to hear that. Good luck with the app!
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@Ian: If you have an MSDN subscription, you can find Update 2 in the Subscriber Downloads. If you do not, I would recommend you install Update 3 and see if the project works. If it does not, email me at rogreen at microsoft dot com and I will try and help.
@bitFlinger: With the Cordova extension, you can build Windows 8, Windows Phone 8, iOS and Android apps. To build Windows 8 and Windows Phone 8 apps, you have to be running Windows 8. If you have Windows 7, you could only build iOS and Android apps.
@bitFlinger: You need Windows 8 to build Windows 8 and Windows Phone 8 apps. See the requirements for the Phone emulator here. To build Windows 8 apps, you could use a Win 8 VM. But that won't work for Phone apps.
You can build iOS and Android apps with the Xamarin tools on both Windows 7 and 8.