PC users would of already received their update. Console gamers, expect it in the near future. There is no confirmation on what exactly the console crowd will see, but it's a given that a lot of the visual updates will not be for the console. 
I can only guess, with the first DLC coming next month, this is when the update will go live, to coincide with the release.
Source: http://www.eurogamer.net/articles/2011-11-22-huge-battlefield-3-pc-patch-notes-detailed
Client-Side Changes:
Visuals, Stability and Performance Fixes:
- General performance and loading time improvements
- "Black Screen" fix for an issue occurring on some PC Configurations
- Stereo and Rendering Support for Nvidia and AMD Graphics Cards
- Adjusted the "stuttering" encountered on some PC configurations.
- Fixed several Crashes when joining MP and Co-Op sessions
- Fixed multiple problems when using multiple monitors (Eyefinity / Surround).
- Fixed visual corruption issues on certain Nvidia Cards
- Improved loading times for certain textures
- Added console command "GameTime.MaxVariableFps" to limit max FPS
- Added console command "UI.DrawEnable" to hide UI for screenshots / videos
Server Update Highlights
- EOD Bot exploit fix
- Several crash fixes
- Anti-stat padding measures taken, disallowing ranked servers to run obscure settings
- Improved team kill kick configuration
- Support for unranked servers. Unranked servers do not report players' scores to Battlelog, but server administrators can freely control all settings
Share your profile and stats with new Battlelog functionality
- Ability to share your Profile and Stats pages to Facebook, Google+, and Twitter
- User Profile and Stats pages on Battlelog can now be accessed without being signed in to Battlelog if you know a user's URL
- Single sign on from Battlelog to Origin. If you're not logged in to Origin and join a game server, Battlelog will automatically sign you in to Origin in the background and join the game server
I haven't played it in a little while, so I am not too sure on what the problems are, but it looks like Dice have been hard at work. Kudos to them.Quick notes on Squad changes in the Nov 22 update
- Removed FIND ME A SQUAD option
- Allow players to join empty Squads alone, thus having 1/4 squad members
- Change order of options to LEAVE SQUAD, INV A FRIEND, SWITCH TEAM
- Disable Privacy flag when 1 man squad
- Reset Privacy flag from Private to Public when squad drops to 1 player
- All occupied Squads will now show up colored blue on the Squad Selection screen
- Players who choose not to join squads will also show up as Blue in the "Not in a Squad" line
- Squads that are currently empty will display as white - if you wish to join an empty Squad, you can choose the first one marked with white text
I can only guess, with the first DLC coming next month, this is when the update will go live, to coincide with the release.
Source: http://www.eurogamer.net/articles/2011-11-22-huge-battlefield-3-pc-patch-notes-detailed