Reading some of the comments, I wanted to reply but also wanted to make sure the replies were seen. So Im doing a Q and A instead
Q: What is the most current release?
A: Beta 2 is still our latest release, available here:
Download Beta Two Here!
The next beta/prerelease will be out "when its done"
Q: How do I install the patch?
If you have Steam:
Put the file in C:\Valve\Steam\SteamApps\common\bioshock\Builds\Release (thanks Paul)
If you have the Box:
Put the file in C:\Program Files\2k Games\Bioshock\Builds\release
Q:Whats the best video card this patch will work with?
A: Any card after ATI 9800XT/ nVidia 6600 should work fine, but anything before that, including integrated graphics and the like, I wouldnt count on it.
If you find yourself still in doubt, if you can run FEAR or Half Life 2 at a good clip on Medium/High settings, this patch should work.
Q:Will this work on the retail game?
Q:What about Steam?
A:Either the Box or the steam version will work, but install differently. Check out above to see where to put the files
Q:Who coded beta two? (Nobody asked this, but Im making it a question anyways)
A:WarAnakin did. I (ScottJG) am only working as a publicist as of now until documentation from WarAnakin is released.
Q:Theres over 5k Signatures on the petition. Does that mean 2k Games is coming out with an official fix?
A:There was never any announcement by 2k that I know of that said if 5k gamers sign the petition they will add in SM 2.0 support. Anything you heard was probably a rumor.
Ask questions in the comment section as well and Ill add answers here as we go.