You can then go to the new market and install the updated Gmail,Voice Search,Google Search,Maps,Youtube app etc.
New Android Market (version 2.2.6) features include:
1.Refund window changing to 15 minutes
2.New carousel with featured apps on main page
3.Widgets and Live Wallpapers categories added
4.Related content added to app page
5.Single page app viewing, all info in one place
6.Max size for apk files increased from 25 MB to 50 MB
Also the Downloads now get paused instead of getting cancelled if there is a network/data interruption
I am not making a flashable update since it might clash with the original Vending.apk . So here are the steps to remove the old market and install the new one.
1) Use adb to remove and install the new market.
a) adb remount
b)Backup your current Market by
adb pull /system/app/Vending.apk Vending.apk
c) adb shell rm /system/app/Vending.apk
Rename the apk you downloaded (MAKE SURE YOU DOWNLOAD THE RIGHT APK FOR ECLAIRS OR FROYO) to Market.apk and put the apk in the Android SDK/tools folder then
adb push Market.apk /system/app
Simply use your favourite Root File Manager (Root Explorer ,SU explorer , Android Commander etc.) and go to /system/app and delete Vending.apk .
Then put the New Market apk in /system/app
Restart your phone and you're good to go
Credits : CyanogenMOD.
P.S: I'm not a regular thread creator so kindly move the thread if the section is wrong . Thanks