It isn't 2.1, no, but the increase in battery performance has been quite staggering. I'm yet to get the red LED flashing and a low-battery warning in normal usage, which is nothing like what it was like before.
They've clearly fixed a number of issues with the phone itself, as against the OS (which will be updated hopefully soon) - so I'd keep trying to get it updated!
Of course, there's always the possibility that you've already got the latest version. And, for anyone reading this with an X10 mini (not pro) the version number after the update is different. If you've got the backup application then it's the new one.