Here's a video I did showing the upgrade changes for the Kobo.
Here's a quick summary:
1. there's now a light indicator when charging
2. the log in screen defaults to the 'my books' page, even if you were reading a book (it used to log in to the page you were reading)
3. there's a 15 minute sleep function, after which the machine turns off (this means you can't leave the Kobo on indefinitely, so you always have to log back in and choose your book to continue reading)
4. the sleep screen shows the book cover and gets you back to your page if you click the power button before the 15 minutes are up
5. the 'off' screen no longer displays the book cover, just a 'powered off' message.
6. you can hide the preloaded books by choosing to view only your books in the display menu of the 'books' screen
7. you can now resize fonts in ePub files uploaded from sources other than the Kobo store (I show a PDF in the video, but it's the same idea)