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You can update your Nokia E5 firmware over OTA (Over-The-Air) or by using Windows PC applications  Nokia’s Software Updater or Ovi Suite. The Nokia E5 does have UDP (User Data Preservation), but its always good idea to backup all of your personal data before updating the device firmware.

Official Changelog : –

• New, faster version of the web browser, including web search integrated into the web address field, and support for multiple windows
• Here and Now application, which provides you with timely information on your current location, including the weather forecast and details of local movies, restaurants, and events
• New versions of Maps and Ovi Store
• General performance and usability improvements
• Ovi Contacts removed

Note: It may take some time before the new firmware is available for your region.