An update? Yes. An update to Android 4.2.2 or 4.3? Sadly, no, this is just a run-of-the-mill update that AT&T is pushing to the Galaxy Note II, bringing the baseband version up to I317UCAMH3, but not affecting the Android version in any way. It's a 165MB update that doesn't add new features, only adding updated versions of Google and AT&T apps. The update will be pushed to devices over-the-air via Wi-Fi over the coming days, though you can always force a check through the Settings » About phone » System updates menu.
Hang in there folks, the long and excruciating wait for the first major Android upgrade for the Note II is nearing its end.