Two of the good things Microsoft has done with this update is one, if you have uninstalled their original bloatware the update will not reinstall it, they're respecting our choices and two, they've supposedly given us more control over data the they collect. The only thing is you have to log in to your Microsoft account and go to your privacy settings, supposedly you can delete anything they have collected.
As for setting your computer to "metered connections" to block updates Microsoft will now send critical updates over metered connections but nothing else.
They've also supposedly improved Windows Defender, I'll wait for the independent labs to verify that claim.
As for the rest;
What’s New in Windows 10’s Creators Update
This update will be rolled out over the next three months.