Anyone worried about doing this update should take a look here http://www.digitalrise.biz/products/dvb_player/xstream/
IMO this is the Snaz 1350 in a different case, to quote from there
The new Xstream Player v1.1 is available at end of April 2006! Please click to Gallery to see some pictures of the new player.
have look in the gallery, the black one looks really cool
Hmm, makes me wonder if Snazzio are also bringing out a new version, perhaps this would explain the delay of a new firmware release !!