Patch 1.2 causes more problems and doesn't even fix the lag experienced by PS3 users.
Remember the patch that was supposed to cure all our ills in Skyrim? The one that would let PS3 players who had amassed 50+ hours actually play their game without soul-crushing lag? Well, it didn't work out exactly like Bethesda expected. Not only did patch 1.2 not really fix the lag problem, but new bugs popped up on both the Xbox 360 (available last night) and the PS3 version. How's this backwards flying dragon for you? That looks ... awkward.
As awful as that appears, crazy backwards dragons are the least of the new bugs introduced by patch 1.2. Bethesda's forums have been a flutter with players complaining of resistances no longer functioning as advertised, making the game much harder for those relying on such gear. Other issues like books not showing up on shelves and mannequins disappearing when armor is placed on them have also been reported.
The PS3 lag issue is still cropping up, too. On Monday, players with large save files reported that the game was back to normal without any lag, but many sources claim that issue still exists.
The Xbox patch is available to download as of last night, with the Steam patch incoming today, but you can always opt out of downloading and installing it as long as you stay off Xbox Live. Given the backwards dragons, the lag and resistance issues, it might be a good idea to wait a bit to patch before all this gets sorted out.
Especially if you haven't had any problems with the game yet, like me. Now, I'm off to go kill some vampires ...