Jon2020...yes you are correct, it's a USB board replacement and firmware update and also includes 24/384. The K-01 upgrade goes some way to bridge the gap between the K-01 and the new K-01x. The K-01x supports DSD128 as well as improved SQ from the transport and DAC, compared to the K-01. I live in Singapore and my player needed to go back to Japan for upgrade, eagerly awaiting it's return. I believe Esoteric is upgrading USA product in the States, rather than shipping to Japan. DSD64 is important for me as my system includes a computer audio component, as well. If DSD128 ever really becomes mass market for content, I will look at biting the bullet and going for a stand alone DAC. That's not going to happen anytime soon!
PS: I have seen some comments that Esoteric is going to have an upgrade path to full K-01x spec for the K-01. I have confirmation from Esoteric Japan that that's not ever going to happen, as the K-01x uses a completely different board to the K-01 and that board is not compatible with the K-01.