For being only 300mb, it seems like the update is really just an unlock "key," so to speak. For their sake I hope nothing stupid happens because of it. Sucks that there's no resume/suspend at launch, but this is the price of being first.
I'm still hype.
No it's not. Codes don't take much space. The reason games are so big is because of assets such as textures. Considering there's not much graphics involved (maybe a couple UI textures), 300mb is a massive patch.