The Olympus American website is once again pointing to the more advanced Oly software for use in updating the firmware of the E-330, just as they did with the E-300. As before, however, you can use Master (which ships with the camera). The same website I noted (see my posting on updating the E-300) applies. Basically you just go to the Online Services menu in Browse, and I think it will then give you the needed warnings (like remove the memory card). But you might want to make sure by going to the page I noted.
The only thing that affects me in this upgrade - and I suspect most users, other than Korean speakers (there's a language upgrade) - is better B mode magnified focus. It is better. I ran it just before and after the upgrade. Can't say HOW much better until I use it more (and I do use it a fair amount).
When I upgraded the E-300 all settings reverted to the defaults, such as JPG instead of RAW (causing me a small problem when I forgot this). This time settings seem to be unaffected, which is certainly preferable.