I know there is probably a thread dictating what it does but I can't find it. So, is all that it does the Kill Cam Upgrades, or is there more to it?

I'm assuming that the 5.0 patch sends you back in time.

The 1.5 patch changes can be found here: http://www.bethblog.com/2012/03/20/skyrim-1-5-available-on-steam/