Details of what will be included in the update have been leaked by Gear Live.
According to the site, firmware version 1.1.3 includes:
New Google Maps options: Bookmarking of locations with pins, capability to view hybrid maps.
Google Maps Locate Me feature: Could be the addition of the My Location feature from Google Maps, which uses triangulation from cell phone towers to figure out where you are. So far this GPS-type service has only launched online in the States, however…
SMS multiple people: Send that text to more than one of your friends.
New Bookmarks menu: not much to add on this one.
Add Bookmark to home screen: Go straight to a page using a web shortcut.
Edit home screen: Drag the icons around to rearrange them.
About screen: No doubt to say, this is version 1.1.3…
While updating to this version will give you all of the benefits listed above, it’s also expected to slam the lock shut again and get rid of any third-party software you’ve installed.