On the 28th of April 2009 SP2 was released
to the public. SP2 is available for both Windows SharePoint Services 3.0 and Microsoft Office SharePoint Server 2007. SharePoint Version information is available on the SharePointAdminWiki.com to check what current release you are running.
There has been very little reports of issues with running the updates, but as with any service pack it is strongly recommended that this be done on a Test environment before Production!
It is also worth noting that there are significant changes to out of the box 12 Hive files as documented on the SharePoint 12 Hive File Differences from SP1 to SP2 page.
Windows Server 2008 SP2
Windows Server 2008 SP2 (and Vista) was also released
at the same time and available on MSDN.
