The latest 1.03 patch for The Witcher 3: Wild Hunt is currently undergoing the certification process for both the Xbox One and the PlayStation 4. Once everything goes ahead as planned, the update will launch for both consoles.
Whilst patch 1.04 has already hit the PC version of The Witcher 3, patch 1.03 is yet to hit either the PS4 or the Xbox One, and the same can be said for patch 1.04. This is due to the lengthy certification process that both Sony and Microsoft use to make sure everything goes ahead smoothly with new updates for games on either console.
The PC version of patch 1.03 had over 600 changes made to it and it's likely that the PlayStation 4 and Xbox One version of the patch will have a very similar number of changes. As you can imagine, many of the new changes will be various bug and glitch fixes, most of which may not affect gameplay at all for the majority of players.
The biggest noticeable changes will improve overall stability when playing and when using the user interface. Cutscene performance has had a boost, and dialogue has been enhanced so that it is easier to read. Any other dialogue issues seem to have been fixed in patch 1.03 as well, including some missing translations in the user interface.
Some major game breaking bugs should have been fixed in patch 1.03 as well. It's likely that patch 1.04 will be released alongside patch 1.03 once both updates have been certified by both Sony and Microsoft.