The patch isn't "new", it came out in November 2003.
The most important thing it did was fix a serious bug in the server browser that made it show only a fraction (like 20-30) of the 486 servers out there.
The vast majority of servers are running patched versions of the game, and you need the patch to connect to those servers.
If you are nervous about patching (no reason to be), first make a copy of your GameData folder (Copy of GameData). Patch GameData and leave Copy Of GameData unpatched. Then you will have both versions (1.01 and 1.00). If for some reason you have a problem, delete GameData, make a copy of "Copy of GameData" and rename it GameData, and start over.
Hundreds of people have installed the patch without any problems.
You can get the patch here (
http://www.lucasfiles.com/?s=&action=file&id=235).