When I clean install Centova 3, It came up with this:

Error populating database: Could not execute query: You have an error in your SQL syntax; check the manual that corresponds to your MySQL server version for the right syntax to use near 'TYPE=MEMORY' at line 1

Now I am not a programmer, and I dont do SQL, so is there going to be a patch for MySQL 5.5+ users?

Yes, of course -- MySQL v5.5 is fully supported.  A new build was pushed out about an hour ago with a fix for this issue.  Not sure if you're the same person who also submitted this issue to our helpdesk but if so, thanks.