For reference the following products require the following updates to be applied.

If you are running SharePoint Server 2007 you should:

1.
Install Windows SharePoint Services 3.0 Service Pack 1 (SP1) if you haven’t already
2.
Install 2007 Microsoft Office Servers Service Pack 1 (SP1) if you haven’t already.
3.
Install the Infrastructure Update for Windows SharePoint Services 3.0 (KB951695).
4.
Cancel out of the “SharePoint 3.0 Products and Technologies Configuration Wizard”. (You CAN run the wizard if you want. It will just save you time if you run it once at the end.)
5.
Install Infrastructure Update for Microsoft Office Servers (KB951297)
6.
Run the “SharePoint 3.0 Products and Technologies Configuration Wizard”.

If you are running Project Server 2007 you should:

1.
Install Windows SharePoint Services 3.0 Service Pack 1 (SP1) if you haven’t already
2.
Install 2007 Microsoft Office Servers Service Pack 1 (SP1) if you haven’t already.
3.
Install the Infrastructure Update for Windows SharePoint Services 3.0 (KB951695).
4.
Cancel out of the “SharePoint 3.0 Products and Technologies Configuration Wizard”. (You CAN run the wizard if you want. It will just save you time if you run it once at the end.)
5.
Install Infrastructure Update for Microsoft Office Servers (KB951297)
6.
Run the “SharePoint 3.0 Products and Technologies Configuration Wizard”.
7.
You should also then install the Infrastructure Update for Microsoft Office Project 2007 (KB951547) on all Project Professional 2007 client PC’s.

If you are running Search Server 2008 or Search Server 2008 Express you should:

1.
Install the Infrastructure Update for Windows SharePoint Services 3.0 (KB951695).
2.
Cancel out of the “SharePoint 3.0 Products and Technologies Configuration Wizard”. (You CAN run the wizard if you want. It will just save you time if you run it once at the end.)
3.
Install Infrastructure Update for Microsoft Office Servers (KB951297)
4.
Run the “SharePoint 3.0 Products and Technologies Configuration Wizard”.

If you are running Project Professional 2007 you should Install the Infrastructure Update for Microsoft Office Project 2007 (KB951547).

The installation process will incur server and farm downtime that you will need to plan for – updates should be installed on all servers in a farm.

More details:
http://markharrison.co.uk/blog/2008/07/sharepoint-infrastructure-update.htm
http://blogs.msdn.com/sharepoint/archive/2008/07/15/announcing-availability-of-infrastructure-updates.aspx

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