The bare update doesn't include any Google apps (Play, Maps, etc..) so the user "community" has taken the build and added these components.
The details and download links are here.
This update is Lenovo's farewell kiss to the K1. It will receive no further updates from Lenovo.
The source code is being made available to the user community and an Android 4.0 AOSP build is almost ready for the device, with full Play / Maps, Google apps support. There is talk of a JellyBean update to follow.
The K1's dual-core 1GHz processor, 1GB of RAM and 1GB of internal app storage should see it being a worthy device for quite a while yet.
I bought mine in Canada for C$349 (the equivalent of NZ$440 on the day) in December 2011. An excellent buy for a device with these specs.