Why should you be excited? Well, if you're in the UK you'll finally get your hands on OneGuide, which will let you control your set-top box through the console as you bark commands like "Xbox, go to BBC One" at Kinect
Alongside that, everyone will now be able to connect up to two external hard drives to the system. Great news if, like us, you were starting to worry about hitting that bursting point - plus it means you can take your Xbox content with you to a friend's house.
Microsoft told us that some people will be able to download it right now, but if you're not seeing the update, don't worry - it's on its way.
And with the new update, Microsoft is removing the Xbox Live Gold paywall requirement for a number of entertainment apps such as Netflix.
It's also preparing for Microsoft's dedicated World Cup hub, Destination Brazil. A Microsoft spokesperson told us that the Brazil content will be available soon after the update, just in time for kick off.
We took the UK version of OneGuide for a spin last week and you can go read our thoughts right here.
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Hugh Langley is the ex-News Editor of TechRadar. He had written for many magazines and websites including Business Insider, The Telegraph, IGN, Gizmodo, Entrepreneur Magazine, WIRED (UK), TrustedReviews, Business Insider Australia, Business Insider India, Business Insider Singapore, Wareable, The Ambient and more.
Hugh is now a correspondent at Business Insider covering Google and Alphabet, and has the unfortunate distinction of accidentally linking the TechRadar homepage to a rival publication.