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New Software Update is Ready

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Hard to say EXACTLY what the update has since Tesla does not tell you want the release is before installing, and we don't know what release you're coming from. Latest "significant" update that started hitting some owners within the last week are in the many 7.1 threads in the Model S: User Interface subforum. There are screenshots of release notes, lots of discussion, and some YouTube videos on new functionality. Take a peek there for a likely preview.

...and there is another thread similar to yours a few down here Feb 25th update ready notification. Already on 2.12.212
 
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Got the update notice this morning at 7am ET. I haven't driven it yet but the update finished. Here are the release notes of 2.12.126. After these screen shots they included the full 7.1 release notes from the Jan update which gave us summon in the first place.
 
Those are the same release notes from 2.12.22 from 2 weeks ago. I'd guess no new functionality (except handles popping out after summon) and mostly just bug fixes.

This is the first upgrade they've sent my car since 2.9.154 Jan 11th/12th so while yeah I agree while browsing the 7.1 thread it looks like these updates have been around in limited release for a while. It looks like 2.12.126 may be a wide release Tesla Firmware Upgrade Tracker Web App (85 updates so far, the most since 154)
 
Anyone know what's in this latest software upgrade?

Just installed the update and went for a short drive. Did not notice any major changes. Yet.

One thing I wish Tesla would do is, each time a new version of the firmware goes out, post a list of what specifically has changed. Much like app developers do on iTunes when they release new versions of their apps.
 
well for me, I noticed that the home link now works much better
If I park in or near garage..it works fine
If I parked on side of my house it would not auto close
Now no matter where I park it knows Im leaving and starts the auto close
as soon as I start moving, which for me is a huge improvement
I have set my GPS Home link position in my driveway and not inside my garage if that matters
Also noticed smooth map transitions when magnification is at the highest
it use to blank out sometimes now its flawless response time to route is faster for me
I don't know which release upgrade changed this one but the DRL comes on when you approach and unlock car
i also have more signal on 4G where I live.