I just updated my SE Xperia Arc from Built No 4.0.2.A.0.42 to 4.0.2.A.0.62 thru OTA updates (This can be done via PC Companion too). It is a simple steps, just go to “Update Centre” app in your phone, and press Menu –> Refresh if it does not prompt you. I have print screen some of the update process below.
The updates is to improve the memory management and perhaps to rectify some bugs according to the Sony Ericsson blog. There is no official release notes for this updates. My friend is using Xperia Ray, also got the updates already.
Some of the screens during the updates on my SO Xperia Arc:-




