Starting today (2/22/2011), Windows 7 Service Pack 1 will be available to everyone via the Microsoft Download Center and start rolling out via Windows Update. Most people will simply get Windows 7 SP1 via Windows Update when it becomes available to them (See Learn how to install Windows 7 Service Pack 1).
Remember - for Windows 7, SP1 will help keep your PCs well supported by delivering ongoing updates, many of which have been made previously available through Windows Update. It does, however, include client-side support for RemoteFX and Dynamic Memory which are two new virtualization features enabled in Windows Server 2008 R2 SP1.
For tips and recommendations with regards to installing SP1, I recommend reading this blog post published last week.
• How to install Windows 7 SP1: http://windows.microsoft.com/installwindows7sp1
• What’s included in Windows 7 SP1: http://go.microsoft.com/fwlink/?LinkId=206783
• What if Windows 7 Service Pack 1 (SP1) does not appear in Windows Update?: http://support.microsoft.com/kb/2498452
• What you should know before installing Service Pack 1 for Windows 7 from the Microsoft Download Center: http://support.microsoft.com/kb/2505743
• Troubleshoot problems installing a service pack for Windows 7 or Windows Server 2008 R2: http://windows.microsoft.com/troubleshootwindows7sp1
• Some programs have compatibility issues with Service Pack 1 for Windows 7 and for Windows Server 2008 R2: http://support.microsoft.com/kb/2492938
• Uninstall Windows 7 SP1: http://windows.microsoft.com/en-US/windows7/uninstall-sp1-beta