It seems like the patch is working quite nicely for me. I installed the patched, had the game installed to the HDD and I am using HD. My camera is Broadcast 1 and I can definitely see a great improvement in the frame rate when playing offline.
I have yet to test the online game but I can safely say, after playing for more than 1 hour with the patch, it works much better. There are still some occasions where there is some stuttering of the gameplay, especially at the beginning of each match on some stadiums.
Hope they keep patching this one up since it was quite unplayable before!