The Moto Z Play is currently beginning its soak test for the update to Android 7.1.1 Nougat, at least in India. A number of Moto Z Play owners have begun to get the update, although it is under the soak test, which means it's only available for a small group of users. Motorola typically does a "soak test" of a new update before releasing it to everyone, so that they can see if the update is ready to go or perhaps needs a bit more work. Typically, the update will land on every device a few days after the soak test is finished. So this is basically the final update, but Motorola needs a few beta testers.
The update to Android 7.1.1 Nougat isn't a big one, since the Moto Z Play does already have Android 7.0 Nougat on board. So this shouldn't be a long soak test at all here. The update should only be a few hundred megabytes in size. It does bring a number of under-the-hood changes for users of the Moto Z Play, and it does also make it a better device. Android 7.1.1 Nougat is currently the latest version of Android that is open to everyone (a few devices do have Android 7.1.2, but those are only the Pixel and Pixel XL). The update does also bring some security and stability improvements, Motorola does also note that it brings the Moto Z Play to the May 1st security patch, which is just a month old at this point, so it's pretty new.
The Moto Z Play has had its successor announced already, but it's not yet available. The Moto Z2 Play is coming later this summer, and it sports a smaller battery pack, while also being a bit thinner. But the important thing is that it does still work with the existing Moto Mods. The Moto Z Play, despite being a somewhat older device now, is still a great smartphone to pick up. Especially now that it is getting Android 7.1.1 Nougat on board. It is known for being one of the best smartphones with the best battery life, and that will continue with Android 7.1.1.