In what I assume will be a reasonably regular thing, when you start the Store you’ll be prompted for an update after the system has done its usual check.
And, as with all PS3 patches, you’ll be signed out whilst it updates. Version 1.01 is 26 MB in size, so shouldn’t take long.
In terms of new features though, this doesn’t actually do anything – or at least doesn’t appear to do anything that I could see. There’re no patch notes so it’s tricky to say for sure, but something like download list searching definitely hasn’t been added.
I’m still not entirely sold on the Store, I find it clunky and slow, two things an e-commerce site shouldn’t be, and whilst the latter can be blamed on my rural (read: terrible) internet connection, navigation and ease of use should still be top priority.