After the update, you should notice stronger connections to Wi-Fi signals in more locations and the battery should last longer. After the update, you should find that the camera will work better in low-light areas with less blurring overall and improved color accuracy. Some new security patches have been added along with new AT&T apps like Smart Wi-Fi, and YPmobile. For a complete changelist, visit the sourcelink.
Also at the sourcelink, you will find the directions for installing the app. Motorola suggests that you have your battery charged to at least 50% and use a Wi-Fi network when downloading the update.
source: Motorola via Phandroid