Actually, SP1 for home users is basically all previous patches plus some extra bug fixes. It does have a couple of new features that relate to Win7's interactions with Windows Server 2008 R2, but that's only really relevant in enterprise environments. I did upgrade my PCs to SP1, but only for the sake of having "the latest".
@Kikireeki, do you have a source describing improvements in memory management? I hadn't heard about that.