The update comes as version 2.1.0 U and it checks in at a 593MB download. According to sources who have already applied the update, we have been told that the update seems to address some of the random hardware lockup issues, and it seems to also improve load times when switching between applications.
Still, others we have spoken with tell us that the improvements provided by the update are minimal at best and do not go far enough to address what is best described as a significant number of issues with the Wii U console. Nintendo could help itself out by being more forthcoming about the fixes, enhancements, and improvements contained in each update, at least in general terms to reduce the number of rumors and guessing by Wii U owners.