Microsoft notes that Office 2010 SP1 contains all 'public updates that were released through June 2011' and all 'cumulative updates that were released through April 2011' in addition to 'improvements in stability, performance, and in security'. The update is available for free if downloaded from the Internet.
Microsoft today has released the Office 2010 Service Pack 1 which combines improvements, new features and previously released updates in a single update pack.