EA and DICE have now officially confirmed the patch for Battlefield 3, which will be released on March 27th.
It includes numerous gameplay tweaks and balance updates, including changes to vehicles and weapons, and enables private servers on consoles. Furthermore, fixes are being made to the multiplayer mode and improvements to the mini-maps. On PS3, there's also an option to disable anti-aliasing to reduce input lag. Whether this is the optimal solution, however, is debatable.
You can find the complete changelog on the official site from EA.
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