Yep, the update is out there right now, running free. Mojang hope that version 1.4.4 will banish many of the hundreds of bugs and issues reported by players since the Pretty Scary Update was released.
According to Mojang’s own bug tracker, they’ve managed to resolve over 1800 issues with the game, some of them pretty severe, including signs that lose their text and torches that change position almost as if a poltergeist was at work. I don’t know, that seems appropriate for a pretty scary update.