The update will improve 4G speeds and signal strength, Wi-Fi connectivity, speakerphone audio quality, and will add TTY support for the deaf and hard of hearing.
There's no word yet on whether this update will make it to non-4G, non-Sprint versions of the Google Nexus S. But if it will, then expect an announcement soon.
Sure, this update doesn't sound like much, but for those who have experienced bad '4G' speeds, it's probably going to make their Internet connection usable again. And that's no small feat.
The update will come over the air, and as such if you own a Nexus S 4G your smartphone will notify you that there's an update at some point after Monday. Keep in mind that these sorts of updates usually see staggered rollouts, so it may take a while before the update reaches your particular device. In any case though, it is on its way.
source: Unwired View