The patch is said to address a number of bugs in the game, as well as adding the Knothole Island location to the map in Tales of Albion. Here is a full list of what the patch addresses:
• The Ritual/Monk’s Quest — Fixed the issue with the Abbott becoming unresponsive if you leave Oakfield before he finishes talking. This will fix the problem if you’ve already hit it, too.
• Rescuing Charlie/Rescue My Baby — after rescuing Charlie, you can now interact with objects
• Guild Cave chest — resolves any issues with previously inability to retrieve items unlocked from Limited Collector’s Edition, website or Chicken Kickin’ game. If you’ve already hit this bug you should now get your items.
• The Spire (Pt2) — no more issues with ship captain being unresponsive
• The Hero of Skill (Pirate King) — you’ll no longer get stuck during Hero of Skill quest (Bloodstone)
• T.O.B.Y./Trouble In Bloodstone — you’ll no longer get stuck during T.O.B.Y. quests (Bloodstone)
• Your child — will no longer be chosen as an assassination target
• Furniture Shop in Albion (Bowerstone) will now always have something for sale
• "Additional unspecified fixes"
Sounds like it takes care of some pretty big issues. So if you want to warm up for the DLC, then jump on to Fable II and finish up some quests you may or may not have got stuck on. Enjoy!