The DJI OSMO is not a perfect system, but certainly a quality device with outstanding image quality combined with a super smooth gimbal stabilizer. Battery life isn't great, and audio is pretty much non-existent without the aid of an external microphone. Another thing that really bugged me is that although they claimed the X3 camera on the DJI OSMO was similar to the X3 on the Inspire1 Quadcopter, the software (DJI GO) was not the same and lacked many of the color profiles and even lacked D-LOG which I use when I fly.
No worries because today they've updated the DJI GO APP and now you have 10 new color profiles - including D-LOG to achieve even better quality. Youtube member Ian W Arsenault put together this short video to show off these new profiles.
So to be clear you don't need to download any firmware, and you don't need to do an update to the OSMO hardware. All you need to do is update the DJI Go App (ios app store), and that will open up these new options and color profiles on your DJI OSMO.
Tip: If you're planning on picking up an OSMO I highly recommend getting at least one spare battery, and the ND Filter kit. The ND Filters will give you better control over your shutter speed to make the motion blur look more natural.