The update will bring your TouchPad’s version up to 3.0.4 and will bring a camera app along with the ability to pair the tablet with a non-webOS phone. The pairing with phones was a feature that originally came with the TouchPad but unfortunately it was limited to just webOS phones, but now through the use of Bluetooth, you should be able to pair non-webOS phones with it and take calls from your tablet.
Apart from these two updates, there will be other improvements as well, such as better performance, more robust Skype video calling, support for accelerometer events in Flash and user interface improvements.