The February Cumulative Update was recently released. The next Cumulative Update (CU) is scheduled for the end of April, then Service Pack 2 will be available between February and April and it will include the February CU.
From this point forward each Cumulative Update will consist of a package that contains the latest of every hotfix patch that we have shipped. What this means is that if you build a new Project Server 2007 farm, you can apply the latest service pack (Service Pack 1), the latest WSS CU package and the latest SharePoint CU package and be completely up-to-date. The package includes the Infrastructure Update, there is no reason to install it separately (but you still need to install SP1).
Please refer to this TechNet article for deployment guidance: Deploy cumulative updates (Project Server 2007)
After applying the February CU, the file version should be: 12.0.6341.5000
|ID||KB Url||Download URL|
|Description of the Project 2007 hotfix package (Project.msp): February 24, 2009||
|Description of the Project Server 2007 hotfix package (Pjsrvapp.msp, Pjsrvwfe.msp): March 6, 2009||968271||http://support.microsoft.com/kb/968271||http://support.microsoft.com/hotfix/KBHotfix.aspx?kbnum=968271|
|Description of the Windows SharePoint Services 3.0 cumulative update package: February 24, 2009||961755||http://support.microsoft.com/kb/961755||http://support.microsoft.com/hotfix/KBHotfix.aspx?kbnum=961755|
|Description of the SharePoint Server 2007 cumulative update package (MOSS server-package): February 24, 2009||961756||http://support.microsoft.com/kb/961756||http://support.microsoft.com/hotfix/KBHotfix.aspx?kbnum=961756|
For additional deployment information please check this post from Brian Smith: Project Server 2007: Deploying Cumulative Updates