The PS3 version was having issues so I believe the update was the fix those problems.
It could be live, there have been issues over the past couple weeks, but for the most part it has been sorted out. Also what game type were you trying to find a match in? That matters too. I think you should try to get a game at a different time, and I would definitely advise playing some of the campaign before jumping into the online, especially if you are at all used to Halo.