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One of features which Lumia 920 and 820 devices were lagging compared to iPhone 5 was the Bluetooth feature where Lumia devices support only 3.1 compared to 4.0 of iPhone. Good news is that Bluetooth.org has listed Lumia 920 and 820 in their 4.0 profile here and here.
So that’s a good news and now the only thing which is thinkable is if Windows Phone 8 or Nokia is ready for taking the full advantage of this. One guess is that an OS update might be rolled in by Microsoft or Nokia might do it as they had been doing it in update.Since it is too late for putting up right now as the Windows Phone 8 is already RTMed.

For those who are not aware, Blueooth 4.0 which makes it easy to connect with devices which are low-power and low-latency like heart rate monitors, thermometers etc. Apart from this it also improves on battery performance, data rate. security, pairing reliability etc. Via WMPU


Does this mean the Lumia 920/820′s have Bluetooth 4.0 hardware in them, so only the driver and management software to be upgraded from 3.1 to 4.0?
You just got it right. According to the spec that’s what is due for. Lets see when it gets it.