installs if you arent currently playing the game, otherwise installs on next game boot
Good to know. I don't think it installed automatically for me, but maybe I didn't reboot the game. I had to go and manually install it.
EDIT: For those new users, the way to check if it is patched is to press the option button when you have the game icon selected in the home screen, then go to (I believe) version. Can't remember what exactly it's called as I'm not near my system now but it's in the option menu of that game.