The new software will allow people who have purchased content from Apple’s iTunes store to play that stuff on other people’s TVs, via its AirPlay system. The key part is that they will be able to tell an Apple TV box they don’t own to stream the media they do own, directly from the cloud. That’s a change from the current system, which requires users to download stuff to their iPhones and iPads and fling it to the TV from there. It also echoes the way Google’s new Chromecast device works.
The site notes that the software update is still significant despite not receiving any time at Apple's recent event which just concentrated on iPhones.
Please follow iClarified on Twitter, Facebook, Google+, or RSS to find out when the update is available.