Holy crap, this is great news! The change to editing movies and live view autofocus changes are significant! It's great to see Pentax still adding features to the K-7. This gives me hope that if they can, they might even give a firmware patch to fix the shutter slap blur we've been hearing about lately. Who knows, it might have snuck into this patch. :P
Bravo Pentax!
Edit: It's odd that the version number jumped from 1.03 to 1.10. I bet there are more behind-the-scenes changes that might improve other areas as well. Perhaps I'm overly optimistic.