As you can see on the update pages you will find changes to existing apps and othe improvements with no new applications in this update. Some of the changes include:
The PreCentral.net article has much more about the update, including hands-on experiences. It looks to me like the limit for loading apps being lifted is a huge improvement, but now Palm needs to get more apps for the devices. The improved battery life for low coverage areas would be good for me since my Sprint coverage is not that great.
I'll be attending the Palm event at CES next week and am hopeful we might see some hints about webOS 2.0 and maybe some new devices. If a Palm webOS device came to T-Mobile I would be all over it since I still have a place in my heart for Palm.