I just got the latest update, and I have to say it's not very clear. I turned on the Xbox expecting it to power up my TV and receiver...nothing happened. I waiting a minute or two...still nothing. I powered them up manually and there was just a line on the screen that could have been from any of my devices.
It would be greatly improved by powering up the other devices before starting the update and putting some kind of text on the screen about what it's doing.