There are more things to talk about the secure-ass services like the Onedrive and Outlook that will tell the fanboys of privacy invaders to shut the hell up. But enough of that, this update may include more features for the mobile version of Onedrive. However, not all versions may have the same features available in this update.
For Android version, you get to access the corporate and personal Onedrive storages in one app. For IOS version, you get the All Photos views where you can see all photos in a single view. Lastly, for Windows Phone 8.1, you should be able to access the Recycle Bin from the app although the Recycle Bin feature in cloud storage is completely kind of unncessary unless you may have deleted those online data accidentally.