The first page of icons on Apple TV is fixed and cannot be edited but on the other page users can move icons, like on the mobile iOS device, by holding the select button. With the Shared Photo Streams feature users will be able to accept invitations, browse, comment and receive notifications of new content. Also they can send audio from Apple TV to supported speakers and subtitles that with SDH support got improvements for viewing and selecting them. Also 3 new (awesome) screensavers were added, we wonder who on earth still uses this.
Beside all this users will be able to view movie trailers and get info on when new titles arrive in US theaters. The new ability to configure custom network setting could allow users to exploit it and connect to VPN's and maybe even get some US region-locked streaming services, but that is just speculation. The new Apple TV will run on second and third generation hardware, with 720p and 1080p respectively. If you want full official details on this update you can get them at Apple’s support site.
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