As martycap mentioned, it seems to fix the problem with Internet radio cutting out after a few minutes of playing. There was also a strange issue with 7.0.0 where the music would stop playing through your receiver if you turned off the TV (no need to have the TV on if you're only listening to music). But that seems to have been fixed now.
I don't see why when you have mobile products or macs to do it quicker and faster. Imagine all the button tapping you would have to do. If they made it work like the way wii would then it's necessary.
In 7.0 was an issue where AirPlay would not show when in standby and on Ethernet. Only way round was to connect appletv via wifi
This must of been fixed in this update
Jailbreak is not possible but not impossible on ATV 2. Version requires a downgrade and a sign version to even work. Most versions are no longer signed.
Seems like Apple introduced a few "Security Updates" in Apple TV 7.0.1.
See this post from Apple about Apple TV 7:
http://support.apple.com/kb/HT6442
And this post from Apple about Apple TV 7.0.1:
http://support.apple.com/kb/HT6542
Significantly less "security breaches" in Apple TV 7.0.1.
Perhaps this is the update? It is an idea though, correct me if i'm wrong.
It's there on 6.1.2 or 6.2. Don't worry your not missing much for its basically talking all the time on your selection like speak selection. It's annoying after a day.