The single player portion of the game is fine without the update, it’s only if you want to go online you’ll have to install the mandatory patch. It’s out this week.
It’s quite a meaty patch which means the development team have likely taken quite a few notes from the open beta session of Battlefield 3’s multiplayer. Battlefield 3 releases on Xbox 360, PS3 and PC October 25th in the US, the 28th in Europe.