Microsoft will push out an update for the Xbox 360 tomorrow, according to Major Nelson. Other than the few moments you'll have to wait while your 360 downloads the patch, installs it and then restarts, the change likely won't affect you in the least. As Major Nelson says, "there are no new features that will show up once your system has been updated," as the update is simply to set up some background technology for further improvements later this year.
So that's kind of boring. We almost wish he'd gone ahead and made something up: A patch that "improved the awesomeness of your Xbox Console by an estimated 3000%" would have been much more interesting than this one.