El Goog has teamed up with transit agencies to make this update happen, but there is one downside (for some people, anyway): it's only in four US cities as of right now. The lucky four are Boston, MA; Portland, OR; and San Diego and San Francisco, CA. Goog also threw a couple of European cities in the mix: Madrid, Spain and Turin, Italy.
If you live in one of the selected cities, no application update is needed - you'll be getting live transit updates and alerts immediately.