The patch was released for the Xbox 360 and Playstation 3 versions of the game and will set you back 4 MB of memory. The patch does not fix lag compensation but Infinity Ward has said that they are working on it. You can check out the full list of what the patch is suppose to fix below.
Modern Warfare 3 Patch 1.06:
-Additional improvements to address lag.
-Fix for Melee Jump.
-Clan Tag Validation (remove buttons from clan tags).
-Improve Host Migration logic.
-Prevent stat Loss.