Here's exactly what's in this update, with the general performance improvements including new white balance and shutter options seen here:

This software update adds in camera HFS+ and exFAT disk formatting to the Blackmagic Production Camera 4K as well as general performance improvements.

Kristian Lam has said in the Blackmagic forum that this update will be coming to their other cameras. This is the update I've been looking for Blackmagic to add for quite a long time in any of their cameras, because not being able to format cards in-camera has meant making sure you've either got a full supply of drives/cards that have already been formatted, or that you are carrying a laptop with you (which may not always be the case). A common workflow is to wait to format media until you're ready to shoot with those cards, but that's been impossible up until now. It's unlikely that we will see clip deletion, as there can be negative consequences to the media when clips are deleted (a number of higher-end cameras also do not have this).

As Lam says in the forum, this is coming to their other cameras (probably relatively soon), so it's going to be one more major feature that makes these cameras more usable in production environments.

You can download the Mac version here, and the Windows version here.

Source: Blackmagic Support

Cinematography & Cameras