A lot of rumors are floating around on what would appear in this future update.
One of the reports claim that this update would allow the user to download podcasts directly on the iPhone/iPod Touch.
This facility is not available currently and the user is required to move podcasts from a computer to the device.
Apple had interestingly denied an application to appear on the Apple App Store which made this possible.
The company had said that they do not allow apps which offer similar functionality to the existing iPhone/iPod Touch applications.