The December Cumulative Updates (CU) for Project and Project Server 2010 and 2007 have been released. Details can be found on Brian Smith's blog, update contains number of fixes of Project Server and Project both so better run the CU on test environment prior to deploy on production.
http://blogs.technet.com/b/projectadministration/archive/2011/12/14/microsoft-project-server-and-sharepoint-server-2007-and-2010-december-2011-cu-announcement.aspx
You can also join in January the TechNet webcast covering both Project Server 2010 and Project Server 2007 Dec CU.
https://msevents.microsoft.com/CUI/EventDetail.aspx?EventID=1032493964&culture=en-us
Happy patching.
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