The most recent tweet from RockStarGames says it all, but I'll say it again: Red Dead Redemption update 1.03 is now available on the PlayStation 3 and Xbox 360. Sign in, update and you'll find that the following has changed as far as bug fixes and tweaks goes:
There's also some anti-griefing measures installed with this update. When in multiplayer free roam, if a player achieves a kill streak of 6 or more without dying, they will become a Public Enemy and receive a $1000 bounty. In the same mode, if killed three times by any human player and each death is within 80 seconds of respawn, the victim is given the option to respawn away from the area.