The improvements include a Download Manager app which will help manage your downloads from apps and emails. Under manage applications you will be able to view which apps are running and how much memory and storage space they are using.
Shortcuts will allow you to type numbers and symbols on the keyboard without having to switch to numeric mode. You can now select and copy a word by simply pressing and holding on it (once to select, second time to copy).
The update also brings a new UI and you can now create custom app groups aside from App apps, Recent and Downloaded. The Contacts, Phone and App Launched icons have been changed and the App Launcher is now attached to the dock at the bottom of the homescreen.
The update is around 14MB in size and should take between 25 - 45 minutes to download and install based on your connection speed.
source - Verizon