Microsoft is rolling out a mandatory system update for the Xbox 360 today, Major Nelson confirmed. It includes a number of small bug fixes and you should receive a prompt to accept it upon logging in to Xbox LIVE.
The update corrects issues with playlists when using Xbox SmartGlass, an error with Xbox Video closed-captioning, and an unspecified error with Xbox Music.
Although the update seems rather small, a number of users are complaining that it's taking a while to download.