A new patch, 1.03, has been released for the Playstation 3 version of BlazBlue: Continuum Shift and is available to download now. The patch fixes a freezing problem that was introduced with the Valkenhayn update patch involving Ragna and Hazama.
The only info we have at this time is that the update fixes the freezing bug. There is no word on any other update features.
There is still no news on the status of Valkenhayn coming to the Xbox 360 version. It is still coming but has been delayed an unspecified timeframe. Read Aksys Games' explanation here, which is terse to say the least.