The update expands availability on phones, and now includes support for both the Sprint Galaxy Nexus, and Sprint Nexus S 4G. Additionally, the team has added support for both the international Samsung Galaxy S 2 Exynos edition (i9100), and OMAP edition (i9100g), as well as the international Samsung Galaxy S 3 (i9300).
As far as features added, again those mostly help out smartphone users with SMS QuickReply, IME Switcher & Vib/Ring toggle as NavRing target, and fixing a bug which prohibited setting custom ringtones. The update also adds: Stopwatch & Countdown in the Clock app (CM), and Expert Calculator functions (Graph, Matrices, etc.) (CM).
If you're interested in the update just head to the source for the links.