(adsbygoogle = window.adsbygoogle || []).push({}); If the direct update doesn't work for you, here is a link straight from the cobra site (will work for all users):
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MultiMan has got another major update called mmOS. It mimics Window's file browsing and looks pretty sick. Here is a picture

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Changelog from the pastie:

* Added support to launch DVD-Video titles (disc/folder format) from mmOS and other display modes (Showtime Media Player required)
* Added support to load DVD-Video movies in ISO format from DVDISO folder (Showtime Media Player Required) (for non-Cobra Firmwares)
* Added option to override SBS/TB modes in stereo player for .avi3d video titles (with L3/R3)
* Changed: File Manager is replaced by a new powerful and memory efficient engine (mmOS) to resemble desktop environment
* mmOS features:
- Uses just 1-2MB of RAM (about 10-15 times less than the old File Manager mode), intuitive and faster
- Desktop + Taskbar + 7 Windows + Desktop Shortcuts + Clock + Tray + Clipboard
- Clipboard and each window support up to 4096 entries

- Window properties: minimize, restore, close, move, sort contents by name/size/date (asc/desc), fast scroll in rows and pages
- Window history: 16 path levels deep (forward and backward), window state and current scroll/cursor position
- Window contents: content icons/names/size/date, status bar, header, scrollbar

- Window actions (single click/tap): single/multiple entry selection
- Window actions (double click/tap):
--- start music playback, image viewer, hex/text viewer, launch executable files (.self/EBOOT.BIN)
--- play video titles (standard 2D and AVI3D), play DVD folders/ISO, direct-boot or load "folder/jb" games
--- load Blu-ray/DVD-Video/PS3/PSP/PS2 ISO files and BIN+CUE PSX images
--- load AVCHD video folders, mount folders to install PKG files, install themes
--- launch PSX games from CD-R discs (when DDA mode is enabled: PSX.EXE/SYSTEM.CNF/ps1_*emu.self)

- Taskbar actions: minimize/restore a window, minimize all, change active window

- Context/command menu functions:
--- Copy (copy selected entries to clipboard)
--- Cut (copy selected entries to clipboard; entries will be deleted after "Paste")
--- Paste (paste clipboard contents)
--- Paste as ISO (create an ISO file from a single folder selected with "Copy")
--- Delete
--- Rename
--- Properties
--- Create New Folder
--- Create Shortcut
--- Shadow for PKG game (when a PS3_GAME folder is selected from a game under /dev_hdd0/GAMES)
--- Activate BD-Mirror (when a PS3_GAME folder is selected from a game under /dev_usb***/GAMES)
--- Eject Disc
--- Open in HEX Viewer
--- Refresh Net Host
- Added option in "Settings" - "Swap Sticks In mmOS - Change actions of Left and Right Sticks in mmOS."

Navigation:
===========
- Right Stick - Move mouse pointer (can be changed to Left Stick in Settings "Swap Sticks in mmOS")
- Left Stick - Move active window (can be changed to Right Stick in Settings "Swap Sticks in mmOS")
- LEFT/RIGHT - One directory level back (history) / forward
- UP/DOWN - Scroll up/down window contents
- L2/R2 - (PgUp/PgDn) Scroll window contents in pages
- CROSS - (single tap) Select/Deselect entry
- CROSS - (double tap) Execute/View/Play/Open folder
- CIRCLE - (right click) Open command/context menu
- SQUARE - (ALT-TAB) Switch active window

- SELECT+(CROSS double tap) - Open folder in new window
- SELECT+(CIRCLE) - (ALT-F4) Close active window
- SELECT+(SQUARE) - (F5) Refresh active window
- SELECT+(UP/DOWN/LEFT/RIGHT) - Move mouse pointer (useful with BD-Remote Controller)

Download link added.