Finally, something that should've worked from the beginning will start to work better...eventually. No word on the actual release date of the patch, but here's a list of what will be fixed:

Fixed on both platforms (PC and XBOX)
-MP Lag issues have been improved
-Horse steering improved
-Walking under water and not dying -fixed
-Inaccessible Cave north of Ashos has been fixed
-Friendly fire disabled in RPG mode (players cannot damage each other)
-Resurrect spell on players has been disabled
-Experience points for killing players removed
-Disarming skill disabled against other players
-Freezing/stopping spells disabled against other players
-MP too much skillpoints generated due to combat stats - fixed
-Character developing curve not as steep over level 25.
-MP RPG quests given to all, reward splitter between players
-HP regeneration slower for max values above 2000
-Death strike skill - executable by strike button while in sneak mode.
-Critical hit skill fixed (faster animations added)
-Allowed damage over 32000
-Cap on damage and armor on 99999
-Necromancer spells balanced
-Magical boosters - effect restricted to 5 boosters.
-Stacking potions with different statistics - fixed
-Stacking objects which produce too high requirements has been blocked
-Objects stacking - objects can't be stacked up if result has higher level requirements than current player level.
-Equipment Class cap on 50
-When killing in towns - after you leave the town and go back guards will ask you for paying instead if immediately attack you.
-NPCs in towns don't resurrect - guardians exploit removed.
-Tweaked hi- level monsters balance
-Team assault - main monuments 50 times stronger
-Barbarian - berserk skill in PvP reduced to 5.
-Wing Membrane ingredient added to Helllord
-Dragons strike not breakable by player hit.
-Chest and wardrobe lock levels improved in multiplayer.
-Bomb traps attached to some chests and wardrobes.
-Balanced number of lock picks in chests and wardrobes.

PC specific fix list:
-Money moved between servers - fixed
-Boosters disappearing in Arena modes
-Maps D2,E4,F4, MP Tharbakin - missing triangles or flying objects -fixed.
-Atmospheric fog for MP towns added.
-Enter opens console in SP
-Horse steering - stopping horse by back key changed
-cloning character when logging on new WarNet server - fixed
-chat over open dialogs possible (by F11 chat dialog)
-All PVP arenas unlocked from begin

Xbox specific fixes:
-improved single player framerate
-Interface - repeat changes selection on hold left stick added
-Interface - no controls after "server refused connection" - fixed
-Game HDD cache cleaning possibility - RB + A + B during game launch
-Doubling gold in MP - fixed
-doubling objects in MP - fixed
-achievements for 5 elements - fixed
-map interface some improvements - only one open quest at the time, quests selection box better visible, hero location on map better visible, quest name on tooltip.
-“BACK – Show Instruction” text disappears
-Double saving MP characters to protect character lost from power-off or hard-locks
-hit info fonts larger

Maybe now Shawn's claims of 'THIS IS GOING TO BE THE BEST GAME EVAR!!' will be a little closer to the truth. Also, there's a demo of this on XBL now if you'd like to give it a roll before the fix comes down.