In my case the update has only partially satisfied my particular needs. As others have said, using the stereo paired HomePods to play music from my iTunes is now improved but still not what I want.
Specifically, when using iTunes I can now select which HomePod speakers to direct the music to, including the one stereo pair I have flanking both sides of my iMac, and it works well.
However my iTunes play count still does not update when doing this. In previous discussions here it has been speculated that this could be due to Apple now causing all music to flow from the cloud rather than my local iTunes library, but I haven't yet figured out whether that is the case or not. it would require me to temporarily shut down my internet connection to see how the system performs under that condition, and I haven't taken the time to do that yet.
Losing the play count is a major irritation to me because I have always been able to use that to keep track of music in my library that I have not yet listened to. Maybe it's just me, but that was a feature of iTunes that I really did use pretty much every day.
CORRECTION - I'm listening to music from my iTunes library now, and just noticed that the play count did update for the most recent track played. For some reason it did not update for the previous track, the initial track played when I first started up iTunes. So perhaps this particular feature has now been fixed, to my great relief.
Also, if I want to use the stereo paired HomePods for audio when watching a movie on the computer (Netflix, for example), then I don't have the ability to use both as a stereo pair. When I'm using the browser to stream music or video, the sound seems to be controlled using the system preferences setting, which does not provide the option of selecting the stereo pair - only the individual speakers (and not multiple speakers, only a single speaker can be selected for computer output).
Using the HomePods is not very intuitive although if your main interest is simply to be able to ask Siri to play something and you have the Apple Music subscription, then that is great and it is handy. My wife enjoys that but my own usage is more focused on my own library of music.
Siri also inexplicably responds at random times, presumably because something either on a television program or simply in the background noise has caused her to think she was asked a question. It's kind of funny and doesn't happen that often, perhaps once a week or so.
Overall it is improved from how the HomePods first worked with my particular system, but not fully satisfactory for me. I had been very frustrated with these speakers prior to the update, and now I'm just ok with them. It is the first Apple product that has really given me this level of frustration and dissatisfaction.