The update isn’t going to bring any earth-shattering new bits, as it’s not a major Android revision or anything like that. It’s just a minor software update that’s meant to fix a couple of specific issues, while also improving the phone’s overall stability and responsiveness, and making as few slowdowns appear as possible. For that reason alone you probably should not postpone performing this update as soon as possible.
The update also brings improvements to voice calling to eliminate “inadvertent voice calls defaulting to mute”, and comes with added Bluetooth support for mono headsets in the Sprint Visual Voicemail app.
The update will come over-the-air and will be released in stages. If you haven’t yet been notified that it’s available, you can manually check by going to Settings > About Phone > System Updates > Update Motorola Software. If it’s still not available, you’ll have to be patient. If it is, you can install it without needing a computer. Your phone’s battery should be at least half full, and the whole procedure should take anywhere between 5 and 15 minutes.