This patch provides several bug fixes for Minecraft. Partially invisible sheep, random fall damage and unsynchronized audio should all be things of the past. Here are the full patch notes for the Xbox 360 (via the game's forums):
Fix for blocks reappearing after they are mined.
Fix to random fall damage issue.
Fix for slow chunk loading speed.
Fix for Maps not correctly display at the game start.
Fix for splitscreen audio issues.
Fix for blocks not always showing damage in splitscreen.
Fix for Enderdragon sounds.
Changed Zombies rare loot drop to be Carrots, Potatoes or Iron Ingots.
Fix for problems spawning Chickens, Wolves & Mooshrooms.
Fix for problem causing first item in the quickselect bar to sometimes move to the inventory on opening the inventory.
Changed repairing tools in the Inventory to only allow tools that are not enchanted (since you’d lose the enchantment).
Fix for villager eggs in a dispenser not producing random professions.
Fix for Iron Golems not stopping their attack when they’ve killed a skeleton.
Fix for issue when players teleported while riding a pig or a minecart
Fix for animals climbing Cobblestone walls.
Fix for attaching fences to cobblestone wall.
Fix for Invisibility potion not making sheep completely invisible.
Fix for gamertag being visible when using an invisibility potion.
Fix for tamed wolves with invisibility becoming visible when swimming in water.
Fix to let bonus chests spawn in pre-TU14 worlds.
Fix to issue causing stationary network players to oscillate between two slightly different positions.
Fix for unsynchronised audio.
Fixed chatpad input on Anvil.
The PS3 version of the patch is mostly the same as its Xbox 360 equivalent. There are a couple small differences, though. The PS3 update, also dubbed Patch 1.05, fixes problems plaguing voice chat on that platform. It also corrects the "double exit sound" players experienced when leaving the crafting and anvil menus.
Title Update 15 follows closely on the heels of Title Update 14/Patch 1.04. The earlier patch was more substantial, adding nearly 30 new objects to the game world. It also enabled players to trade with villagers or dye their wolves' collars. Check the patch notes for the full list of changes from that update. The PS3 version of TU14 was accompanied by multiple DLC packs, including a PlayStation-exclusive skin pack.