UPDATE: As promised, the desperately needed v1.01 patch has been released to the public.
"Rockstar Games has released a GTA IV patch for Playstation 3 today that prevents Gamespy's servers from being overloaded and therefore reduces the impact on those servers that were causing the game to stutter and lock up," the studio commented. "This update will ensure that everyone will experience Grand Theft Auto IV the way it was intended. We apologize for the inconvenience this has caused."
ORIGINAL STORY: Sony and Rockstar Games have confirmed that a patch for the PlayStation 3 version of Grand Theft Auto IV will be made available at some point later today.
According to Eurogamer, the patch is aimed at improving the online component of the popular crime epic by "reducing the loads on the servers at GameSpy and hopefully the completely random hangs that some users have seen."
The PS3 version has been plagued with multiple issues since launch day, including reports of users having trouble connecting to the multiplayer server to various instances of the game freezing up.