Now the good news: Major says (at around 0:40:30) that the update will include "simple things that I've been asking for since launch." 360 Fanboy put their thinking caps on and came up with a pretty convincing guess. Adding some "Play Game" verbiage to determine what game is in the drive is a feature that Major's been vocal about and, they remind us, early Dashboard screenshots (like the one pictures above) included this functionality. It's been a long time coming, so let's hope it is coming.
Listen -- Xbox 360 Fancast 010 featuring XBL's Major Nelson
Speculate -- Spring update may upgrade "Play Game" verbiage
Denied -- What's not in the spring update: clan support