The patch fixes some scoring wonkinesss and, perhaps more importantly, will allow you to export your Rock Band songs to Rock Band 2. It was unclear which songs would NOT be able to be exported, but now we have the list: Paranoid (Black Sabbath), Run to the Hills (Iron Maiden), and Enter Sandman (Metallica).
Full info from the Rock Band forum post…
So there is a 360 title update coming out for Rock Band today, PS3 will follow and we’ll let you know when we have an idea when it will drop. What’s in it? A couple of things.
First of all – it updates RB1 so you will still be able to purchase DLC from the Rock Band store. Downloading this patch is required if you’d still like to do that.
Second – Lowers the threshold on gold stars making it easier/possible to gold star songs. This won’t affect leaderboards as it only affects the threshold, not the score.
Third – Lately a few songs have had unhittable notes. This should be fixed now.
Lastly – It will allow you to export your songs from the RB1 disc to the hard drive for play in Rock Band 2. Official language follows for this feature-
Nominal fee of $4.99 (400 Microsoft points) required for export of Rock Band 1 soundtrack to compensate music licensors for expanded use.The following Rock Band disc tracks will not be available for export into Rock Band 2: * "Paranoid" as made famous by Black Sabbath, * “Run to the Hills” as made famous by Iron Maiden, and "Enter Sandman" by Metallica. In addition, the title update will also be released simultaneously in Europe. Tokio Hotel’s “Through the Monsoon” from the European disc release of Rock Band will not be available for export into the future European release of Rock Band 2. (* Indicates a cover song, all other songs are original master recordings.) Expanded usage rights for these particular tracks were unable to be secured from the music licensors for this feature.