Nah, I don't think so. The Hatless update was a fairly big engine update, I think this will mostly be content.
I wonder how they are feeling right now that most of the Community is hating the attributes given to the weapon in the Beta, they are clearly what is going to be given to all these new weapons. Odd that the Dumpster Solider is getting all the Pocket Medic stuff. And obviously this update will be when Meat the Medic comes out, there is a pretty big focus on the class, with the Medic getting a new set of items, the Solider a Medic dependent set, and the Heavy a Medic Misc.
To be honest, other then a few things, most of the items have a place. I think the Dalokohs Bar and Rift items are the only things that are really useless.
Also, with all these new items inbound, it is a good thing I made space in my backpack.