Before you go: OH MY GOD. THERE’S GOING TO BE AN UPDATE- Stop panicing. This will only apply to those who signed up for the preview a few weeks back. If you want to sign up, too bad.
The update is said to add new features, such as ESPN (US only), graphics update and more!
The update also installs search functionality for Netflix Watch Instantly for the US also and gives Canadian gamers a chance to enjoy the streaming service too. If you signed up for the update, it is irreversible, so once you have the update, you cannot go back. The downside to the update is that you cannot use party chat with those who don’t also have the update.
It is unknown what the UK (or EU) update will entitle, since we in the UK do not have Netflix or ESPN (well we have an ESPN channel but not as many as the USA).
The full update is to be released prior to Kinect for everybody on November 4 2010.