According to the author ntba2, this update includes:
* added ELF loader for running ELFs from MC,HDD,CD or USB
* browse pictures from USB
* copy files from/to USB
* added a config file (mc0:/SYS-CONF/MYPS2/CONFIG.INI) to adjust horiztonal and vertical screen offset
I also added a small installation dialog that will help you to setup a partition when the program detects that there is no MyPS2 partition on your HDD.