The new update brings a series of enhancements, including: support for Google Talk with video chat, improved audio quality with car speakers, improved camera Panorama Mode, "international roaming 3G UMTS hotspot functionality for a single Wi-Fi enabled device", and a bug fix related to forwarded messages.
Photon 4G users can check manually for the update in Settings / About phone / System updates. You can find out more here at Motorola.
The Photon 4G is currently offered by Sprint for $199.99 on contract. The smartphone is also sold by US Cellular under the name of Motorola Electrify.