From the August Cumulative Update onwards you will have to install sp1. For mor details on this please check Brians Blog:

Full updates (all languages):

Individual updates (all languages):

Individual updates (localized version):

  • Description of the Project Server 2010 hotfix package (Pjsrvwfe-x-none.msp, Pjsrvmui-xx-xx.msp): September 14, 2012:

         This update contains KB2687390 and 2 hotfixes related to Regional Settings issues in formulas and AD Sync.

IMPORTANT: You must install the Service Pack 1 before any CU installation for Office, SharePoint and Project Server 2010