It should have the latest patch, hopefully the reason why Beth pushed the date back to February is to get one more patch in before they release the Ultimate edition.
Oh, I can pretty much guarantee you it'll have the latest patch.
As far as another patch though, I wouldn't get your hopes up buddy. They most likely have it releasing in February so it doesn't compete at all with Skyrim. You don't want anything of your own competing with your Flagship, they wouldn't risk the slightest drop in sales. I'm actually kind of surprised they even announced it before Skyrim came out, I mean, sure it's all the way in February, but there are sure some people waiting for this that may be able to wait that much longer for Skyrim with this bit of knowledge.