The message says
An update for the wii menu is now available.
To continue using features within the wii menu (such as the news channel) please press the update button at the bottom right and update your wii console.
Some of the features include:
--Highlights of the latest weather and news can now be seen from the wii menu
--New search options have been added to the wii shop channel
Thank you for updating your Wii
It doesn't mention anything about the LED but it sure does glow. I played with it for a few minutes. It also doesn't mention anything about the time being shown but yeah, its there.