A guide window will immediately open once the game launches and will ask if you want to apply the available update for the game.
(NOTE: If you rely on your auto-save or your auto-save is your most recent save you would like to play from, I recommend saving a new manual file before attempting the steps below.)
The solution for me ended up being very simple but I will list step by step directions to clear any confusion. The poster who made the comment about the patch deletion only working on the PC was wrong, fortunately for those of us on the XBox 360 (and hopefully for you PS3 users as well).
