The company has detailed the Update on a Support page. The release date is listed as July 29, 2016, which is today. Microsoft has also released an introductory video today:
Cortana available in the U.S. and UK
Talk to Cortana on your Xbox One with your headset or Kinect. To start, just say "Hey Cortana" or launch the Cortana app. If you're not sure what to say, try "Hey Cortana, what can I say?"
If you're using Kinect, turn on your console by saying, "Hey Cortana, Xbox on."
Background music
Music apps will now be able to play music in the background. In an app that supports background music, just start some music. You'll be able to switch to other apps and games while the music plays.
After starting your music: To play, pause, skip, and adjust music volume from anywhere, double-tap the Xbox button to open the guide, choose Multitasking, then select your music controls.
The app must support background music. An updated Pandora app in the U.S. is the first app to support background music—and more are coming soon.
My games & apps
Your stuff is closer. From Home, move right and select My games & apps.
In My games & apps, there are new sorting options.
"Ready to Install" has its own area, so you can quickly find the games and apps you've purchased but haven't installed.
Game and app updates will show up in their own area, when available.
The queue area now tells you what's been recently installed in addition to what's in your queue.
Language & location settings
You can now choose your location separately from your system language. To change your language and location, double-tap the Xbox button to open the guide, select Settings > All settings, then choose System > Language & location.
All languages aren't available for all locations. When you choose a language that isn't usually associated with your location, most of the system will be in your chosen language, but you may see a mix of languages in areas like Store or online content.
Top PC games on Xbox Live
Top PC games now have game hubs on Xbox Live. Whether you're on PC, Xbox, or mobile, you'll see what PC games your friends are playing, share PC game clips and screenshots, and message friends on Xbox Live. On Xbox One and Windows 10 PCs, you can join a party chat with your friends no matter what they're doing.
New Store
Xbox Store and the Windows Store have come together, making the shopping experience more streamlined. From Home, move right to Store to start browsing all content.
Preorders now get charged closer to game launch instead of at time of purchase. You can also cancel and change your payment option for preorders anytime at account.microsoft.com.
Customers in the U.S., Switzerland, Norway, Italy, Germany, and Finland can now use mobile operator billing to make purchases. Customers in China can now use China Union Pay.
Find Facebook friends
Find friends from Facebook by linking your Facebook and Xbox Live accounts. In the guide, go to theFriends tab, then choose Friends > Suggestions. Select Find Facebook friends and follow the steps. Your Facebook friends that have done the same will start showing up in your suggestions.
Control automatic sharing
You can now choose to automatically share your achievements, screenshots, and game clips to your activity feed. To change your sharing settings, go to Settings > Preferences > Activity feed.
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Related Forum: Xbox Forum
Source: http://www.neowin.net/news/microsoft-publishes-details-of-xbox-one-august-update-says-it039s-rolling-out-today
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