“Optimizations and stability improvements” are promised in this update, but the biggest changes seem to be to weapon balancing. A huge list of these tweaks can be read here, or in the patch notes on Steam.
The perks “Splash Damage” and “The Professional” have also been altered (the former now works properly, the latter now affects the 10mm Pistol and SMG).
New Vegas producer Jason Bergman had this to say about when the patch will be released for the consoles: “The Fallout: New Vegas PS3 patch was supposed to go out at midnight tonight in SCEA countries. Until PSN comes back, we won’t know exactly when it will be live. PC users will still get the patch today, and we expect 360 to be live by the end of the week.”