After waiting for about four weeks after receiving the update coming e-mail from Microsoft, my phone finally received the update. I was on a trip when that happened, so I had to wait to get home in order to install it. I've been using the update for just over a day and I have a couple observations.
First, it wasn't one update. It turned out to be three. I don't know yet what the updates included individually. I'm sure that it's probably out there somewhere (a simple search didn't find it though). Most applications seem to have been updated.
The mail tool now allows the linking of multiple inboxes, so that you can sync them all at the same time and see all e-mail from them together. The process of linking them allows you to rename the new linked mailbox. I use three e-mail addresses, so this is pretty convenient. The new item is now the only one that you'll see in the program list. If you want to see them individually, select options and folders, which will allow you to see that inbox alone.
Probably, the best non-functional change is that the programs are now indexed so that you can find them by their first letter. The same search as is used by the Zune software, so it's intuitive. I call it the best change because, it is a great idea for something that really didn't bother me previously (i.e. I didn't think of it).
Pictures can now be shuffled for the icon on the start page, which is nice. Office documents can now be accessed through SkyDrive and there are some new templates included. Phone numbers and e-mail addresses in these documents are still not recognized as such where tapping them would either invoke the phone or an e-mail. (This was my plan in bypassing having to put all my contacts on Live.com.)
One item that seems a little unsettling though, is that my eBay application (which I rarely use) started beeping at me that things on my watchlist were expiring. While that's a handy thing, I didn't turn that option on. Can't really blame Microsoft for that, except that the tool started doing it after I installed the update, and it didn't do it previously.
As for the timing of the update, my spouse (same plan, same phone) received the update on her phone two and a half weeks before me. The schedule is online. Everyone that I talked to about the update already had it before me. I'm sure I'm not the last, but I really was disappointed to have been notified of the upcoming update and then had to wait four weeks.
This update does improve the workability of the phone. However, I'm still waiting for my contract to run out so that I can get a phone that can sync my calendar, contacts and e-mail between the phone and computer, not using an intermediary.