Microsoft has released the SharePoint 2007 December 2009 Cumulative Update as of 29 January 2010. The cumulative update like all other updates includes all hotfixes since the most recent Service Pack, in this case SP2.
Information pertaining to this cumulative update is available at from the Update Resource Center at:
The WSS v3 December 2009 CU infopage is available at:
The MOSS 2007 December 2009 CU infopage is available at:
When requesting the appropriate CUs, if you’re downloading from an x86 client machine and your environment is x64 or vice versa, please note the “Show hotfixes for all platforms and languages” text next to “Number 1”.
Some insight from Joerg Sinemus regarding the December 2009 CU:
Last but not least… please remember to test all service packs, cumulative updates and hotfixes in a staging or development environment prior to implementing in your system’s production environment.