The update will be available in November 19 or perhaps 20 and it features the upcoming Playstation Plus games which can be played on your Vita which may be as cool as linking those games to the Playstation 3 console. However, not all games can be cross-played even with the Playstation Plus. Another thing is the cloud storage similar to the one for Xbox Live Gold members but I guess that Sony has fulfilled the better promises in terms of the visuals in the Vita interface.
Other improvements include the Email app, improved web browser with better HTML5 and Javascript engines, able to buy movies in Videos App as well as to share stuffs from web browsers to social networking and the list goes on.
Unfortunately, is there a reason not to have folder support for Photo, Music and Video apps? Also, there’s still no vertical screen mode support for the Vita when you’re not playing the game but it may be a little bit weird like that.
Last improvement is the Content Manager which includes cloud storage and wireless connection as well as the 1080p support for video playback on the Vita.