These are the new things being offered by the firmware update. There are four “major” parts of this, first there is that a “Notification Alert” option will be added to Settings, so you can toggle alerts on or off. This feature is a lot like push notifications on your iPhone. Now you can choose wether to see them or not. Next an “After 10 minutes” will be added to the time options under Power Save Settings to keep your battery from draining out in case you find yourself away from your vita for too long. the 3rd part is that An Arrow icon will now appear when PS Vita finds new activities in the LiveArea alerting you to any other people have a Vita and are doing stuff. Finally Caps Lock will be added to the on screen keyboard, not sure why this is useful, but there you go.
As always there are several ways to update the firmware on your PS Vit. You can select “System Update” under the “Settings” menu and download the firmware directly to your PS Vita over Wi-Fi or you can connect your PS Vita to a PS3 or a PC/Mac and update via Content Manager.