Q: After software update apple rv light flashing and not coming on

It was probably applying the update and rebooting, unless it had doin it for awhile?. You will need to grab a micro usb cable and restore in iTunes

http://support.apple.com/kb/HT4367

I have the same problem right now!!!

Please help!

Please see response above.

Same here. There was a lengthy loading process and now it is frozen on the USB/iTunes screen. I've tried everything short of getting a micro USB to try to link it to iTunes.

exactly same problem

That's what the picture is trying to tell you. You will have to restore through iTunes.

I found a mini USB and tried to restore but after 20 minutes I got an unknown error 1602 reading. I've read that other people are in the same situation and are waiting for apple to do something.

I can't even get itunes to recognize it.  Won't see it...

In this wireless world we live in, my computer is nowhere near my ATV.  I have a miniUSB cord, but it's not THAT long. 

You need to make sure it's completely disconnected.

You need to disconnect the ATV completely and plug it into your computer.

http://support.apple.com/kb/HT4367

Try to boot up the ATV in DFU mode by unplugging the ATV and plugging it back in and holding down the menu and play buttons for about 15 seconds. Make sure you are using the Micro USB To start up the ATV.

So because of the update I now have to go buy a micro usb cable to try to get it working again?

It's not because of the update but rather that it didn't apply properly. This can be due to network issues, power outage etc.