The SharePoint Product Group has provided us with some further guidance on what is currently needed to build a server up so that it is running the most up-to-date code.  To get the details, read:

http://blogs.msdn.com/sharepoint/archive/2008/09/29/announcing-august-cumulative-update-for-office-sharepoint-server-2007-and-windows-sharepoint-services-3-0.aspx