The first major firmware update will go live at some point on February 11th and contain some great improvements, such as the ability to finally manage and monitor your hard disk storage. A battery indicator will finally be available so you can monitor those controller batteries. The ability to use a USB keyboard that you can plug into the console is also another nice little addition. Beyond that, the updates add some additional stability and bug fixes.
Starting on March 4th, Microsoft will be starting to push on the second wave of firmware updates for the Xbox One. This second round of updates is all focused on multiplayer and bugs/issues around the multiplayer experience. It is natural that they want to get this out before Titanfall ships.
These updates mark the first serious attempt by Microsoft to address the complaints of Xbox One owners. While it might not be an earth shattering overhaul, it will make things better; and that is something Xbox One owners have been looking forward to.