I hope this helps as there seems to be a lot of confusion here:
In a product release cycle, there is always time when newer code (such as Service Pack 1 for Exchange Server 2007) has to "stabilize" and we are unable to make any more changes. This "near final" version of code must be tested (and tested again!)
Introducing new changes into it might invalidate testing that was already done.
During that time, there is the "usual" need for creating fixes, rollup updates and so on. However, because a service pack is "locked" for new changes - they cannot be integrated into the service pack code "tree".
Required updates to the code, however, continue to roll in without warning, and we need to address those required updates. If we waited to include every possible update, SP1 would never get released. This really is nothing new. We have done this before in both Exchange 2000 and 2003.
We have two paths Exchange RTM plus their required rollups and Exchange SPn plus the required updates. The rollups and the need to do Service Packs are really two different things with separate motivations…
So, Your choices boil down to:
1. Can you or have you applied SP1? If yes - then you should wait for a post SP1 rollup (coming soon!)
2. Are you not able to apply E2k7 SP1 now for any reason? Then apply the latest update rollup for RTM version of Exchange 2007.
Just balance your need between the rollups and the desire to move to SP1...