Apple released Lion update 10.7.3, then quickly pulled the updater because of reported problems with applications crashing. The combo updater doesn’t seem to exhibit the issue and is still available for download.
The update includes additional language support, addresses issues when using smart cards to log in, resolves issues authenticating with directory services, and addresses compatibility issues with Windows file sharing. It also addresses a WiFi connection issue when waking from sleep. For a complete list of changes see this article.
Since the standard update has been pulled, you won’t see it in your Software Update until the issue has been resolved.
OS X Lion 10.7.3 Server combo update is also available as well as the updated Server Admin Tools. These updates bring some changes that any server administrator will welcome back (they were in 10.6 server), including displaying number of connected users, allowing .htaccess overrides, selection of VPN protocols and more.