The first version of this update seemed to bork a couple of COM add-ins I had installed in Outlook 2007. Outlook would hang when downloading mail at the last message or two and wouldn’t send the ACK to the server that it had downloaded the mail. Outlook also wouldn't exit after it had been closed and had to be forced to exit with Task Manager – which damaged the .pst file, necessitating repair with SCANPST.EXE.
It seemed to damage something in Outlook also such that removing and reinstalling the COM add-ins (SpamBayes, Pocket Knife Peek and AttachmentOptions) didn’t correct the issue. I stumbled around on it for a while and finally fixed it by uninstalling SpamBayes, Pocket Knife Peek and AttachmentOptions, running an Outlook repair (Control Panel > Programs and Features > Microsoft Office 2007 > Change), and then reinstalling SpamBayes, Pocket Knife Peek and AttachmentOptions, rebooting after each step.
Glad that’s over – I was getting tired of running SCANPST on the .pst files. God, I hate Outlook.