This update, classified as 1.09, should be downloaded by now if you've played in the last day or so (if not, connecting to the game should kick start the update and bring you in line with everyone else).
Announced on the Rockstar support site, the update is said to fix many exploits that were present in the last patch, as well as some specific GTA$ and Reputation Point exploits which have been causing problems for a while.
While this patch was only focused on fixing bugs and flaws in the online mode, recent patches have added much more, with a Capture mode being implemented in 1.08. This is more likely to be the sort of thing we'll see going forward, with Rockstar keen to keep players coming back to the game with the release of ongoing DLC and more updates.
What's interesting though is the fan reaction to this, which seems lukewarm at best. At lot of people have moved on from the game now it seems, having hit very high levels in the online mode and wondering what else to do.
Have any of you found that to be the case?