@Cat2k1: While you can't necessarily opt out of the update, you can choose not to download and install it. to do so, head to Settings > Software Update > Auto Download Over Wi-Fi, and toggle this option off.
What is the Places feature?
@JeremyV: It allows you to search for nearby places from within the Phone app, and provides contact information. If you open the Phone app, the Places tab will be visible at the bottom of the screen.