No, this update doesn’t bring copy and paste functionality or Multitasking. This is just a minor update for stability and performance which in-turn helps to make way for the major update which is said to bring features such as copy and paste, improved market place, web browser and this update is said to come out soon as the windows phone blog claims.
How to get this update
You’ll need to connect your phone to your computer and update it using either the updated version of Zune software for your PC or the Windows Phone 7 Connector for Mac. Just follow the on-screen instructions, restart the app , and then connect your phone. Still confused . check out this help topic.
Don’t worry if the update is not available on your windows phone. Those updates are on their way, may roll out region wise and might reach you sooner or later.