It did not before the patch. I got a solid 50ish FPS at all points. Now I'm averaging 35-40FPS. Same graphical options checked. The game stutters like mad now, also. Using the Steam version.

How did you apply the patch to 1.1? Using the Steam auto-patcher? Quoting straight from http://en.thewitcher.com/patch/ "For the Steam Version of The Witcher 2, please use the Steam auto-patching system."

Well yes, the only way to patch the Steam version IS using the auto-downloader, really. It downloaded the whole 9GBish earlier.

I read people were getting 30% higher frame-rates with this new patch, so it excited me...but it seems it's had the opposite effect for me.

I also had some weird stuff going on post patch regarding graphics/performance. Configuring from scratch solved this. Deleted the user.ini in C:\Users\[your username]\Documents\Witcher 2\Config\ and started the configurator.exe, set it to ultra and confirmed. this gives you a fresh user.ini, which you can edit to your liking. The game now performs way better than before the patch, as expected. The reason behind this behaviour remains unclear to me, but the result is just fine.
Probably you have done this by now. If not, may be you give it a try.

Sadly, that didn't help. I wished it had, my load times are also longer now...like an additional 8 seconds or so.

Hmm, that's a novel idea. I may just do that. Were you having this stuttering/jerky Geralt movement as well?
I suppose I should make a copy of that user.ini file before deleting it.
Edit: Oh, guy above me tried it, perhaps I'll pass for now.

Sorry, that it didn't help.

@MikeP999: Yeah, despite okish fps I had these little hickups in Geralt's movement. Also I had bloom and motion blur ingame, although they were set to 0 (zero) in the user.ini. Also sharpen was set to 1, but didn't show up ingame. Maybe a missing user.ini causes the configurator.exe to do some hidden voodoo. Just a guess. I mean, it's not a big deal to try. Just backup the user.ini beforehand, takes only a few minutes.
What seemed to be important here was after deleting the file and opening the configurator to set it to "ultra spec" and ok it without any other modification. And after that manually editing the the user.ini.

win7x64
i2500k@4,3ghz
gtx460 oced
8 gb ddr3-1333

I'm using the GOG version, but when I patched, a bunch of the video settings got turned up and I had to turn them back down.

I'm also in the camp where the game feels more sluggish for me now. Unfortunately since everything was running fine before the patch, I never felt the need to benchmark, so I dont have any FPS numbers to compare. But I will give this a try.