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There are no HCM bundle in Peoplesoft OVM HCM9.1, and the Peopletools patch level is 8.50.02.
Since the first HCM bundle has been released, since the latest Peopletools patch is 8.50.08, yes, you'll need to apply them to keep up-to-date, but that's not mandatory to have a working environment.
So if I understand you correctly...
If I wanted to keep it current, there is one 9.1 Bundle and a PeopleTools 8.50 Patch that I can apply now?
Yes, if you want to keep up-to-date with the latest Peopletools version, you should apply HCM application bundles and Peopletools patches.1 person found this helpful
Once again, that depends what you want to do with your Peoplesoft OVM environment, but that's not mandatory to have it up and running.