It isn't hard to see to perks to Apple's "one size fits all" approach to software for the iPhone and iPod touch. After making N95-3 (the regular ol' N95 for North America) users wait months to get the software updates of their European counterparts, it took 'em another few days to get the N95-4 (the 8GB version for North America) up to snuff as well. Of course, the N95 8GB already had a few of the software improvements, but this seems to pull it in line with the v20 firmware all the cool kids are rocking. Unfortunately it's not all gravy, you're going to have to do all the heavy lifting of backing up and re-installing your apps, and we've been having trouble getting the update to work at all on our particular 8GB -- we'll let you know how that goes. Still, the speed gains are (probably) worth all the hassle, so fire that sucker up and get updating!
Update: Problem solved, turned out to be a bum USB port on the PC we were using. You may also run into Vista compatibility issues using Nokia's Software Update app, though we had no problems when we told Vista to front like XP SP2 using the shortcut. Proceed at your own risk!