You should not install Service Pack 1 (SP1) just yet.
I always advise waiting before installing a Windows service pack. Microsoft can't possibly test everything and the interplay with non-Microsoft software accounts for most of my hesitation.
Give software vendors time to discover any incompatibilities with the new service pack. Affected vendors may include fixes in new releases, make patches and so on.
A service pack contains three things: previously released bug fixes, new bug fixes and new features. Since the improvements in Windows 7 SP1 are irrelevant to most users, waiting makes sense. That does not mean you should avoid SP1 forever.
I may be installing SP1 this summer, along with IE9. I own a copy of Windows 7 Professional and I'll be looking for a retail SP1 integrated copy online so that my next installation of Windows will include SP1 by default.