The update does all the same stuff as the Japanese update with an online browser being the big selling point.
Sony has also clarified that using the Japanese firmware update, which is known to work fine on American PSP's, will void the system's warranty and US PSP owners are advised to be patient with this in mind.
Once available, the update should be downloadable either through an automatic Wi-Fi update or off Sony's official US PSP website. The European version of the handheld console will come with Firmware 2.0 installed as standard when it's released on September 1st. ยต