Update (2/14/2014): It seems like the first update is rolling out in groups to select users throughout the weekend.
Major Nelson detailed much of what we already knew (original story below) but in addition, the new update adds USB keyboard support and fixes the precision of the sticks for the controller per the request of Respawn who have called the controls "sticky".
The March update listed below is still scheduled to roll out just before Titanfall's March 11th release.
Update 2/12/2014): If you haven't noticed, Microsoft has postponed the first of the two updates that was originally planned to go live Tuesday.
So there you have it. More details to come.
Original Story (2/6/2014):
Microsoft announced their plans for updating their Xbox One platform from bug fixes to storage space management.
On February 11th, the Xbox One will prompt you to install the latest update. This update tackles bug fixes, storage space management, and controller battery indicator. Storage management also allows users to control the install lineup in the case that they have apps and games downloading simultaneously. We will have a full list here as more information arrives.
Then, on March 4th, another update will roll out improving the very lacking party system that many have complained about as well as multiplayer fixes in preparation of Titanfall which is due out on March 13th.