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The update appears to be related to the release of Aperture 3.0, which made changes to how that software shares images over the local network, in addition to adding support for iPhoto's Places and Faces features.
Users have also reported that since applying the update their Apple TV has stopped experiencing problems related to switching its HDMI output cable. The update also appears to make minor tweaks in the user interface to enhance the readability of text.
The new software can be downloaded and installed from the Update Software option within the Settings/General menu on Apple TV.