Before you start celebrating, though, take into account the fact that this update is available to US customers only, while their European counterparts will have to settle for Cupcake.
As for the update itself, it will provide greater integration with Google applications, more apps designed for Android version 2.0 or above, 7 home screen panels, new widgets and additional options for existing ones, corporate e-mail client and improved media gallery. Furthermore, it will preserve most, but not all of your settings and applications.
The update will be available for the general public on November 9 and it will take up to 40 minutes to install. For more information, take a look at the picture.