Bethesda has confirmed that patch 1.7 for The Elder Scrolls V: Skyrim has been completed and is ready for release on Xbox 360 and PlayStation 3 (patch notes here). Over Twitter they've said the patch is expected to be delivered tomorrow, though European PS3 players will have to wait until next week. Patch 1.7 contains no additional features, instead focusing on a series of bug fixes and performance optimizations.
PlayStation 3 Skyrim players may recall that patch 1.6 is also being bundled into their 1.6 content, so they can look forward to mounted combat in addition. Unfortunately, while the delivery of 1.7 in parallel on both consoles is welcome, there is still no information regarding Dawnguard's release on PlayStation 3. Hopefully the fixes in both 1.6 and 1.7 will better prepare the console to meet the apparently rigorous performance specifications that Dawnguard requires.
Again, The Elder Scrolls V: Skyrim's 1.7 patch lands tomorrow for Xbox 360 and PlayStation 3 players, as the PC version has already been available for some time. Bethesda likely wouldn't have put out a featureless patch unless they weighed its fixes as priority, so when you check it out make sure to let us know if you notice any dramatic improvements.