I almost missed this one since it hasn't had the usual trumpets and fanfares.
Starting yesterday (16th Feb), Windows 7 and Windows Server 2008 R2 Service Pack 1 (SP1) was released to MSDN & Technet Subscribers. Release to Windows Update & the Download center will start on the 22nd Feb.
More Information on SP1 can be found at the following pages:
Information about Service Pack 1 for Windows 7 and for Windows Server 2008 R2
Windows 7 Service Pack1
Windows Server 2008 R2 Service Pack 1
Documentation Download for SP1 (Included Hotfixes, Deployment Guide, Hotfixes)