Though not the huge, bug fixing patch LittleBigPlanet fanatics were hoping for, patch 1.08 is now up and running. This LittleBigPatch is a media patch that contains the textures for all the newly released and upcoming DLC costumes, so even if you haven't bought them yourself, you can see everyone else that has.
There is still another massive patch that's due out soon that's supposed to fix all the glaring issues marring the game, including fixes for:
Failed to save profile’ message not being displayed when a users profile is full.
Object Capture Bug: switch connectors being deleted when an object is captured.
Failed to load profile issue: where the user is thrown out to the XMB due to a texture that is not registered in their profile being present in their pod.
Text not displaying in the text chat window.
Slow rewind due to moderation check.
Save file corruption which caused the game to crash when placing any object in an emitter in any level.
When this patch is supposed to hit is still unknown.