There are no new features in this update. There is one, small fix that improves character recognition for those users that are using the localized Chinese language version of the dashboard on their Xbox 360. (Yes, you need to take the update even if you don't use the Chinese language version of the dash keyboard.)
Silly me for thinking it might fix some of the Spring update issues people are complaining about. Wouldn't it make sense to provide a brief explanation with the update itself? You know, for the people who spend their time playing games instead of reading blogs.