That was a previous update according to Major Nelson. (
http://majornelson.com/2011/05/18/clearing-up-some-confusion/) Certain 60GB Pro models with Lite-On drives have trouble reading discs after the update. No idea what the specific cause is, but if you have an affected console, MS will replace it with a 250GB Slim and one year of Live Gold for free for the trouble.
For the update that is currently rolling out to people, it adds paypal support, auto stand-by after one hour and the updated disc format that reclaims 1GB of space. I'm in the beta program for the update and still haven't received the "gold" dash update yet.