Truth is Bethesda is normally really good in patching games my real worry is that the patch may not work on already existing characters (has happened before) and I spent forever leveling all my skills to level 100.
Well, the problem appears to be a memory dump issue. The game isn't forgetting things that it should or allowing things like dungeons to reset themselves. That's why your save file is so large. The patch should allow the game to refresh those things, thereby making your save drop drastically.
I'm honestly just curious to see whether or not it requires the player to wait for the required number of hours before stuff resets. If they make it instant on the first login, then some interesting things can happen (though not necessarily bad).
So I have full faith that the patch should fix it. The problem with most software is that it forgets too much information too fast, not that it remembers too much.