The downloadable patch executable includes all the patches that were released before it.
This patch is being released for technical reasons related to the upcoming The First Decade version. Without this patch, people with The First Decade version will be unable to play multiplayer games with people with retail versions. This does not affect Zero Hour in any way at all; this is a Generals specific issue. So next time you log online to play C&C Generals, the patch will automatically install. We understand the desire for other changes to be included in this patch for Generals; however, for technical reasons and to ensure everyone could play online with the different versions of Generals between The First Decade and the retail version, we absolutely needed to create a quick patch early on.
The game's internal replay system does not differentiate versions 1.07 and 1.08, and both will result in the replay data referring to 1.07. This means the gameplay is identical between the two and the replays are mutually compatible.