OK, I'll try to give an overview.
The update that was available yesterday was for mobipocket. There will be from no on two separate releases: one for mobi and one for epub. They hope to be able to provide both of them at the same time on their website, but are reluctant to announce a release date because they've announced deadlines before and been unable to meet them (the delay has to do with some validation procedure from adobe for the epub version).
The new mobi firmware has two new features :
- folder support
- a 'flip-through' feature.
The folder support works as I imagined it would, you can navigate through a folder hierarchy and it supports muliple levels of nested folders. YGG said he would try to put 1500 books on his cybook so we'll soon know if there are limitations in the number of folders or books per folder.
The 'flip-throuh' feature (I don't know how to call it better) allows to turn pages in a book (or in the library) quickly: if you press the next (or previous) page button and hold, the pages keep turning one by one, at a rate of one page per second approx. Very cool in my opinion.
And finally, it the cybook seems slightly faster with this new firmware!

The navigation in the menu is much faster, with the cursor moving almost immediately at keypress, and the word selection for dictionary lookup is also faster.
Also, it seems that page turn speed may have been increased but I'm not quite sure about that: it seems that when you first turn a page it takes the usual time, but if you turn one just after it's quicker. So for flicking through it might be quicker but for normal reading it might be the same.