.....and I'm wondering if anyone here can honestly report on its effectiveness. 
I would like some positive news to give me the push I need to get off my dead ass and buy it. I got burned with the GOTY version of Fallout 3, and don't want to frustrate myself again.
So, any of you PS3 Fallout players.........does the patch help anything?

It's too early to tell. To be perfectly honest, I played through the whole game without hitting any annoying bugs apart from a couple crashes near the end game. If it helps the frame-rate stuttering, that'll be good enough for me though.

Good, I'll see if anything changes. I don't think I'll be able to play tonight though.

Install patch
put mod on weathered pistol 
Still got giant !
wonder what the use this patch was..

Just general quest and scripting issues according the the Bethesda Blog.

I'm not sure about the PS3 version, but is this the first patch for it? If so it only fixed scripting holes for quests etc. Nothing "mjaor" in other words.

what I don't understand is that I've had barely any framerate issues after 8 hours total playtime, but then yesterday when i patched it, I had a few minor freezes and a V.A.T.S. glitch that made me reset my ps3. I know the patch didn't address framerate, but this seems a little fishy.

 To be perfectly honest, I played through the whole game without hitting any annoying bugs apart from a couple crashes near the end game.   

Let's put it into perspective here shall we? Got the game at midnight release and played daily since then, 1 or 2 one to eight hour sessions each day. Already have a save file with 45 hours logged. I had one system freeze night one (forced restart, worked fine the next day). That Thursday, had back to back system freezes that occurred after some obscure bugs that involved no interface showing up for lock picking or vendors. Friday I played for about an hour and had 10 hour setback involving bad judgement on my part and lack of saving (companion died and I need them on Hardcore mode). Saturday and Sunday were fine. Monday had some glitches and a freeze. Tuesday had a really bad lock up and some horrible framerates. Wednesday..... 
I downloaded the patch. Buttons stop working (mostly VATS or the menu button). Sometimes when trading items mods will go missing from weapons, quantities will change, values will change, and conditions will as well. I have had terrible frame rates in closed spaces such as the Crimson Caravan base or the Followers of the Apocalypse base, while in the open waste it is fine. Had 3 major lock-ups in the game during fairly light parts of the game (talking to Mr. House, finalizing a trade, switching between 2 close targets in VATS). 
 
So disappointing. It is as if the patch made things worse for me. I know it is not likely since the patch has been released for mostly scripting issues... While the trading issues are understandable, all the other stuff is just bad luck I guess. What sucks is my character has 10 luck. This shouldn't be happening...

" Let's put it into perspective here shall we? Got the game at midnight release and played daily since then, 1 or 2 one to eight hour sessions each day. Already have a save file with 45 hours logged. I had one system freeze night one (forced restart, worked fine the next day). That Thursday, had back to back system freezes that occurred after some obscure bugs that involved no interface showing up for lock picking or vendors. Friday I played for about an hour and had 10 hour setback involving bad judgement on my part and lack of saving (companion died and I need them on Hardcore mode). Saturday and Sunday were fine. Monday had some glitches and a freeze. Tuesday had a really bad lock up and some horrible framerates. Wednesday..... I downloaded the patch. Buttons stop working (mostly VATS or the menu button). Sometimes when trading items mods will go missing from weapons, quantities will change, values will change, and conditions will as well. I have had terrible frame rates in closed spaces such as the Crimson Caravan base or the Followers of the Apocalypse base, while in the open waste it is fine. Had 3 major lock-ups in the game during fairly light parts of the game (talking to Mr. House, finalizing a trade, switching between 2 close targets in VATS).  So disappointing. It is as if the patch made things worse for me. I know it is not likely since the patch has been released for mostly scripting issues... While the trading issues are understandable, all the other stuff is just bad luck I guess. What sucks is my character has 10 luck. This shouldn't be happening... "

Well, in keeping with perspective, I'll add this : I purchased the GOTY edition of Fallout 3, having owned the regular edition and playing it to completion. I had kept my game save, and assumed that I could simply roll into the DLC. When using that save, the entire game was unplayable. My system would crash once every half hour or so while I was NOT in the DLC portions of the game. I decided to start a new game, and had no problems from then on out, although the DLC was unstable on its own. 
While the descriptions of the patch do say that it addresses "scripting" issues, those issues can account for crashes and random bugs. Once a scripting issue occurs it snowballs inside the engine and can be the cause of other seemingly unrelated bugs. 
In essence, I would wonder if starting a brand new game after the patch installed would have a better effect on stability. 
 
In any case, I think I've talked myself into finishing my coffee, going to the store, and just buying this game - but I hate the idea of rewarding the behavior of a publisher that CONTINUALLY releases products that depend on aftermarket support to work properly.