Last week Microsoft released Service Pack 1 for Project Server 2010 and SharePoint 2010. To complicate matters on the same day, the June 2011 CU was also released and recommended to be installed at the same time. A full list of the fixes and changes in SP1 can be seen here, and the June CU here. At the time of writing, the June CU has a number of known issues that must be understood prior to patching as they may impact your underlying SharePoint farm.