The update installs the latest November Android security patch, and nothing else, but it is highly recommended. Make sure you enough charge on your device and are connected to a strong Wi-Fi or Cellular network before installing the update.
The build number of this update is MRA58K and it weighs just 29.1MB. The update will bump the software version to H90021x, and is based on Android 6.0 Marshmallow. The LG V10 is going to get the Android Nougat update very soon. According to T-Mobile, LG is already testing the Nougat update for LG V10.
Only the LG G5 has received the Nougat update so far, and next in line is probably the LG G4, and then the V10. We’re not sure when exactly the update will be available for the V10, but it should come by the end of January 2017.