We are happy to the announce the release of the August 2009 Cumulative Update (August CU). Cumulative Update (CU) are scheduled every two months, so the next releases will be at the end of October, December, etc. Please note that the August CU does not contain all the fixes from Service Pack 2 (SP2) which was released on 28/04 (more SP2 info here) so you need to install both SP2 and August CU to have all the latest updates (in either order).
Please refer to this TechNet article for deployment guidance: Deploy cumulative updates (Project Server 2007)
After applying the August CU, the database version should be: 12.0.6514.5000 (see article above for instructions on how to verify the installation).
Knowledge Base Articles and Downloads
Office 2007 Cumulative Update for August 2009
Description of the Project 2007 hotfix package (Project.msp): August 25, 2009
Description of the Project Server 2007 hotfix package (Pjsrvapp.msp, Pjsrvwfe.msp): August 25, 2009
Description of the Windows SharePoint Services 3.0 Cumulative Update Server Hotfix Package (Sts.msp): August 25, 2009
Description of the SharePoint Server 2007 Cumulative Update Server Hotfix Package (Coreserver.msp): August 25, 2009
Deploy cumulative updates (Project Server 2007)
Checklist for deploying Project Server 2007 updates
Announcing Service Pack 2 (SP2) for Microsoft Project 2007 and Microsoft Project Server 2007
Announcing Service Pack 2 for Office SharePoint Server 2007 and Windows SharePoint Services 3.0
Project Server TechCenter (TechNet)