"About MacBook Air Flash Storage Firmware Update 1.0
This update is recommended for MacBook Air (mid 2012) models. This update addresses a storage firmware issue that, in rare cases, may cause a system to fail to recover from a crash.

Warning Text:

Your MacBook Air requires this update.

The power cord must be connected to your MacBook Air and plugged into a working power source.

Back up the data on your MacBook Air flash storage to an external disk or Time Capsule before installing this update. If you've already backed up your data, click Install Update to begin the update.

Do not reset, shut down, or turn off the power to your MacBook Air while updating your flash storage. If there is a problem during the update, your flash storage may become unusable and all the data on it could be lost.

When the update is complete your MacBook Air will shut down. Wait one minute before restarting it.

Boot ROM or SMC Version Information: After the update, you will have Revision TPVABBF0.

System Requirements: OS X 10.7.5 or OS X 10.8.3"

Checking the Apple MacBook Air forums for feedback, saw a thread titled Filevault: Flash Storage Firmware Update 1.0 won't install.
Also a couple of Mid-2012 MacBook Air owners said their machines were reported as not needing the update. No details given but my first guess is perhaps their MBAs had a different flash drive OEM/mfr perhaps?
  

"About iTunes 11.0.3
This version of iTunes comes with several new features and improvements, including:

• New MiniPlayer: MiniPlayer now includes a beautiful new view that showcases your album artwork. In addition, a progress bar is now built right into MiniPlayer.
• Improved Songs View: You can now enjoy your album artwork while in Songs view.
• Multi-Disc Albums: Albums with multiple discs now appear as a single album.

This update also provides performance improvements when searching and sorting large iTunes libraries.

For information on the security content of this update, please visit: support.apple.com/kb/HT1222.
(here's the specific doc on security fixes)

Mac SHA1=83f4afc5d3b5698c811c87c27b975824116bbf1d
Windows SHA1=1e95101b584762b3c46ab597c115cd86bfd45d64
Windows 64 SHA1=6669044bd50c1f753c8412a02556a70be09fd9f8

To download iTunes 11.0.3 for Windows 64 bit: support.apple.com/kb/DL1615.

System Requirements:
OS X version 10.6.8 or later
Windows XP SP2 or later, 32-bit Windows Vista, 7 or 8."

Not updated personally but a reader sent comments (recd May 20th):

"Regarding iTunes 11.0.3
On two out of three OS X 10.8 iMacs, iTunes said there was an update but the Application Store did not show the iTunes 11.0.3 update. Offhand I know two solutions and I used one on each machine:

1) Manually download iTunes 11.0.3 from the support section of Apple.com.
2) Use Terminal, switch to admin account and use "sudo softwareupdate -i -a" The second solution also showed me other software updates that the App Store didn't but that I saw on other machines.
Michael K."

• Review: Newer Technology miniStack MAX (storagereview)
• Review: Seagate Wireless Plus - Wifi hard drive for iOS and Macs/PCs
• Qx2 RAID w/FW800/400, eSATA, USB 2.0 and available USB 3.0 (Sponsor blog)
• App Store Marks 50 Billionth Download (press release)
• Op-Ed: Apple and Security
• Turning Off IPhone Critical to Pilots Citing Interference
• Skype 6.4 for Mac With Easier to Use Instant Messaging
• TenFourFox 17.0.6 (browser for G3/G4/G5 macs) (thanks Bill)

• About the security content of iTunes 11.0.3
• iCloud: Troubleshooting the Find My iPhone app
• Xsan 3: Invisible "__defragtmp" files are created after using snfsdefrag
• Apple Remote Desktop: Clients become unavailable if screen locked or curtained during logout

• iTunes 11.0.3 for Windows 64-Bit
• Review: HP StoreEasy 5530
• Google launches streaming music service ahead of Apple
• Making sure your Java isn't a load of old rubbish
• U.S. attorney general: Govt should get a warrant before email, cloud storage snooping
• Review: Ghostbusters (Mastered in 4K) (Blu-ray)
• Review: Spider-Man (2002) (Mastered in 4K) (Blu-ray)
• Review: The Amazing Spider-Man (Mastered in 4K) (Blu-ray)
• Review: Total Recall (2012) (Mastered in 4K) (Blu-ray)
• The Karate Kid (2010) (Mastered in 4K) (Blu-ray)
• Acoustic Art for Your Home Theater Room (toys for the rich)

Wednesday May 15th, 2013 News Archive
• Apple's Cook Fetches $610,000 in Coffee Meeting Auction
• Microsoft exec cites MacBook Air as a design benchmark
• Apple tells U.S. of tough talks, not collusion, with publishers
• Lawsuit claims Apple sold iPhone 4 with bad on-off button
• Adobe Angers Users With Its Photoshop-Subscription Plan
• GripBase Podium Floor Stand For Apple iPad and iPad mini
• Updated Apple Support/How-To/Troubleshooting Docs:
  - Target Display Mode: Frequently Asked Questions
  - Recovering a forgotten iTunes Store account name
  - Final Cut Pro X: Custom video effects may render as blue frames
  - Mac Pro RAID Card or Xserve RAID Card: Volume may not mount after improper shutdown or restart
• Other News/Reviews/Op-Ed/Tech/OT:
  - Review: WD My Passport Ultra (USB 3.0)
  - Google unveils music subscription service
  - GM turns your old Chevy Volt battery into a whole-house UPS
  - After ATM heist, Outsourcing financial services again in unwelcome spotlight
  - How a Career Con Man Led a Federal Sting That Cost Google $500M
  - Control Apps Gaining Popularity but Traditional Remotes Still Preferred
  - VMware launches dual persona feature for Verizon smart phones
  - The New Wave of Color Calibration Technology: Cube Calibration
  - Review: Sony Flagship STR-DA5800ES A/V Receiver

For links to older news pages, see the Archives.