Update 1 is more of a standard Service Pack, but without the previous updates from Microsoft Update rolled in. Strange numbers and naming conventions aside, Update 1 does take a major step toward appeasing the vocal users who thought Windows 8 was ignoring the keyboard and mouse crowd. The taskbar is visible from the Start Screen and Metro apps can now appear, as well as be pinned, alongside your other programs. Also introduced on the Start Screen are standard right click options for Metro tiles, a search button, and a new power button.
Microsoft created a few videos for the Windows 8.1 Update 1 roll out and they are definitely worth a few minutes of your time.