Following are the new features/fixes in the new update available from Windows update.
1) After you’ve applied the OneNote update, the new Open from the Web feature becomes available. To use this feature, click the File tab on the ribbon and then click Open. While you’re signed in to your SkyDrive account, you’ll see on the right side of the screen a list of any notebooks on SkyDrive that are not currently open in OneNote 2010. With a single click, you can now open any of these notebooks without first having to manually navigate to the SkyDrive website.
2) When the update has been applied to OneNote 2010, you’ll no longer see the Errors tab in the Shared Notebook Synchronization dialog box. The updated sync interface has a unified appearance that shows you synchronization progress, status, and any errors that may have occurred during synchronization — all in one place.
- Added the ability to sync two Windows Live IDs at the same time without seeing password prompts, as long as you have the Windows Live Sign-in Assistant installed (part of Windows Live Essentials).
- Improved the handling of SharePoint features like required check-in/check-out and other document library settings which might cause OneNote to fail to sync in the past.
- Added fixes that now prevent ink from shifting when you use the handwriting features in OneNote 2010.
You can find more details here.