It certainly helps help things. The update, which is out now, adds many of the hardware configuration options people were mystified weren't there in the first place, like in-game settings for VSync and anisotropic filtering, along with the option to adjust the game's use of a texture cache, which might alleviate the PC version's biggest problem of textures popping in all the time.
I say might because even with this adjusted, I still got some pop-in, especially in the towns. The anisotropic options are nice though, since the game (like it has for just about everybody) underestimated my PC's grunt and slid everything too low.
Sadly, my biggest technical problem with the game - the strange gulf in mouse sensitivity between the main game and the menu screens - hasn't bee fixed.
Rage Updated [Steam]