SharePoint Products and Technologies Service Pack 1 Resource Center
http://technet.microsoft.com/en-us/office/sharepointserver/bb735839.aspx
942388 Issues that are fixed in Windows SharePoint Services 3.0 by Windows SharePoint Services 3.0 Service Pack 1
http://support.microsoft.com/default.aspx?scid=kb;EN-US;942388
942390 Description of the SharePoint Server 2007 issues that are fixed by the 2007 Microsoft Office servers Service Pack 1
http://support.microsoft.com/default.aspx?scid=kb;EN-US;942390
For deploying fixes in general here are the proper steps.
Deploy software updates for Office SharePoint Server 2007
http://technet.microsoft.com/en-us/library/cc263467(TechNet.10).aspx
For a green field deployment I recommend you slip stream as per Create an installation source that includes software updates (Office SharePoint Server 2007)
http://technet.microsoft.com/en-us/library/cc261890(TechNet.10).aspx
WSS v3 Post SP1 (public) fixes that have shipped since SP1
948945 Description of the Windows SharePoint Services 3.0 hotfix package: February 21, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;948945
948957 Description of the Windows SharePoint Services 3.0 hotfix package: February 22, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;948957
949399 Description of the Windows SharePoint Services 3.0 hotfix package: February 27, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;949399
949956 Description of the Windows SharePoint Services 3.0 hotfix package: March 17, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;949956
950279 Description of the Windows SharePoint Services 3.0 hotfix package: March 21, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;950279
950484 Description of the Windows SharePoint Services 3.0 hotfix package: March 27, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;950484
952292 Description of the Windows SharePoint Services 3.0 hotfix package: May 12, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;952292
MOSS post sp1 (public) fixes that have shipped since SP1
944710 Description of the SharePoint Server 2007 hotfix package: January 31, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;944710
948947 Description of the SharePoint Server 2007 hotfix package: February 21, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;948947
949955 Description of the SharePoint Server 2007 hotfix package: March 17, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;949955
950280 Description of the SharePoint Server 2007 hotfix package: March 21, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;950280
950292 Description of the SharePoint Server 2007 hotfix package: March 21, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;950292
950487 Description of the SharePoint Server 2007 hotfix package: March 27, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;950487
952294 Description of the SharePoint Server 2007 hotfix package: May 8, 2008
http://support.microsoft.com/default.aspx?scid=kb;EN-US;952294
Content Deployment Rollup
952698 Description of the Windows SharePoint Services 3.0 hotfix package: May 20, 2008 (Now available)
http://support.microsoft.com/default.aspx?scid=kb;EN-US;952698
952704 Description of the Office SharePoint Server 2007 hotfix package: May 20, 2008 (Now available)
http://support.microsoft.com/default.aspx?scid=kb;EN-US;952704
What should I have in my slipstream to get the latest fixes?
WSS v3 SP1+MOSS SP1+952294 (MOSS global)+ 948947(MOSS blackout combined global local)+ 952292(WSS global)+ 948957(WSS local to English)
What should I apply in conjunction with SP1 if I am already deployed?
952294 (MOSS global)+ 948947(MOSS blackout combined global local)+ 952292(WSS global)+ 948957(WSS local to English)
Do I have to PSConfig after each fix?
No, you can deploy SP1 for both MOSS and WSSv3 plus all the fixes and PSCONFIG one time.
You can view each of those articles for what has been fixed. Remember you should always deploy fixes in pairs of Global and Local for your language per product. That's why at this time you need 4 fixes (2 WSS 2 MOSS) post sp1 to get current
Hope this helps,
Chris