This update, assuming it's only going to be what was "shown" on the UK phones, isn't really an update of the functionality of the iPhone when you look at it from a US consumer's point of view (other than WiFi iTunes).
It's merely a localization update (read: international support) with some minor tweaks to meet the needs of international markets. It is like the last release of my company's software. We added double-byte support for Asian Languages, added other international (non-english) support, and tweaked a couple things we had time for. This release was purely to support international sales, and I fear that is what we will see this week for the iPhone.
Originally, I thought the placement of the WiFi Store icon was odd as it was right justified, I was secretly hoping that meant 3 other apps were just "hidden" and we had something to look forward to. That hope was dashed 2 days ago when at the apple store I saw a very large (and expensive looking) display with the iPhone screen showing that same odd icon placement. I thought, "If they spent all that money to make these signs for all the Apple stores, there is no way 3 new icons are gonna show up this release. That would render these displays out of date."
Ok rambled enough...sorry, needed to vent