I like many others have been experiencing the Lag/Frame rate issue with Skyrim since day one of release. I have given Bethesda the benefit of the doubt and waited for this patch which was championed as being a solution to this underlying game problem with the PS3. (As well as updating problems with the XBOX 360 and PC versions!) Unfortunately after downloading and installing and then testing (playing the game for a few hours) I have not noticed any change in the gameplay, the 'Lag/Framerate issue is still prevalent.
It also looks like this Lag/Framerate issue may be starting to rear its ugly heads with XBOX 360 owners. (just been over to check their views on the update.)
Not sure there is a fix that can be solved with a download, it may be a problem inherent in the hardware architecture within consoles. Looks like we just have to live with an extremely glitchy game....sigh.
The ball is still in your court Bethesda, congratulations on a beautiful and exceptional game with some very frustrating problems.