When Sony Ericsson announced the Xperia Arc S and the Xperia Neo V (hardware refresh devices shipping with the new version of Android), they also made it public that Google Android 2.3.4 Gingerbread updates will start rolling-out for all 2011 Xperia models.
According to reports, the Google platform refresh is rolling out as we speak for the Sony Ericsson Xperia Neo. Aside from the new version of Android, the update brings several other features to the table too, like a new 3D panorama camera feature, Swype, the ability to take screenshots and several other enhancements to Facebook inside Xperia. Version numbers should be bumped from 4.0.A.2.368 to 4.0.1.A.0.283; if you didn't already get the update, wait a little bit more as it is rolling out gradually.
Source: XDA Developers