It's "completed development" and running through quality checks now, meaning it should be live "very soon." It targets "a range of minor issues".
"The latest news is that the game patch has now completed development and is currently in the final stages of testing. While a fixed release date is not currently available we are expecting the update to be released very soon," a moderator on the official US PlayStation forums. It doesn't appear to address the major game issues though...
"As mentioned previously, this patch is not targeted purely at the issues reported in this thread but does address a range of minor issues which could be contributing factors."
"Given the small percentage of players affected by these issues and the difficulty that has been had in reproducing them here we’re optimistic that this patch resolves your problems but cannot guarantee that this will be the case,” they continued.
Have you been having trouble with PS3 Heavy Rain? Freezes have plagued a number of gamers, which lead to some losing saved game progress too - ouch. Recently the Quantic Dream title ran out of stock in the UK but it's back in supply now.