Don't update Bayonetta right now, the new patch is unstable for some people.
Edit, So what the new patch actually did apparently was 'correct' the MSAA settings in the game which were broken before Platinum Games Patch.
Apparently, before the patch the system was defaulting to MSAA 2 even if your setting stated otherwise. I thought I was playing on the highest setting.
However, since MSAA was not function right, the game still ran smoothly and looked much better for me before now.
I lower My resolution and setting an now have a the medium setting working, so the new patch is safe. Just if you have a lower end card, you may have to play with your settings.