Apple today released Thunderbolt Display Firmware Update 1.2, designed for the Thunderbolt Display that was released in 2011. According to the release notes, the update improves reliability when connecting devices to the Apple Thunderbolt Display and addresses a rare issue that may cause the display to go black.
Thunderbolt Display owners can download the update from the Mac App Store.
Thunderbolt Display Firmware updates are fairly rare, with the last firmware update released in December of 2011 to fix an issue with fan noise.
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The solution is to integrate a GPU into the display, then connect that GPU to the Mac via Thunderbolt. Thunderbolt supports GPUs; it is essentially a PCI Express bus.
The GPU in the display can then privately drive as many pixels as you want, and the performance will be more than adequate since you basically have a PCI express bus equivalent between it and the computer. This way you're not having to send every pixel on the screen to the display 60 times a second.
Apple isn't releasing a 5K Thunderbolt display either because they don't want to, or don't think it will sell.