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The purpose of this update was to fix known problems and match the features found on the WiFi version as closely as possible (well except for the whole WiFi part). It was challenging because the processor on Kobo-O is not nearly as good/fast as the new processor.
When the WiFi version came out, many people who had just recently bought Kobo-O were very concerned that the original Kobo would not be updated and have the features offered on the new device. Down the road, there will no doubt be updates to WiFi which won't make it to the older Kobo--but right now, they are pretty much the same.
From my perspective, the big deal is that the feature set and performance seems really rock solid. I'm sure that over time, we will see areas that could use some tweaking, but the whole Kobo experience is now much improved for Kobo-O users.
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