I just received the update. My very first reaction was: "Whoa, everything seems so much bigger." Its almost as if you hit the "zoom" option on your TV's remote. The tiles in the system tab are freakishly big. I like that I can see more of my custom wallpaper, but I hate that grey fade/glow. I want it gone completely.
IE is a console browser. I have little use for it.
Pinning stuff is very useful. Probably eliminates the need for quickplay, if you set it up right.
I wish the quick guide's game and achievement list images would be set to their proper sizes. If you go to your avatar/game info on the'social' tab, and then to your achievements you see their proper sizes and it looks so much cleaner. In the quick guide, they're rough looking images. And the same for your gamer/personal picture. It's pretty ugly, up there atop the quick guide. I wish it wasn't there, when there's just one controller and one account logged in. That's the only reason it's there, right? To distinguish whose using the quick guide?
And that's about it, I guess? I don't know of anything else this update is bringing. Smart Glass was usable before this update. Well, some of it is. I'm not sure if the companion stuff is all there is to it. I forget most of that stuff from E3.