This update will bump the app version up to 6.0 and it is a pretty substantial update. It will bring about a new look which includes a coat of blue paint and a new choice of typography. It will also include features like using Force Touch on the Apple Watch to lock the app, and it has also received some upgrades in performance to increase the types of data that can be filled.
The app has also been updated to support iOS 9, which has recently been released several hours ago, such as the ability to search for your saved passwords via the iOS Spotlight search feature. There is also a new landscape view that will only be applicable to iPad and iPhone 6/6s Plus owners.
1Password is currently a free download via the iTunes App Store, but there are certain pro features that can be unlocked if you pay $9.99, so if the idea of having a password manager on your iOS device sounds good to you, then 1Password might be worth checking out.