The update only hoses IO and Time::HiRes on modified systems. The problem should not occur on stock installations.
IO prevents CPAN from working and needs to be installed manually (without CPAN).
Compress::Zlib has already caused problems in the past and depending on one's configuration may need to be installed manually (without CPAN).
To install IO, do the following:
---
mkdir -p /SourceCache
cd /SourceCache
curl -O
http://cpan.mirror.solnet.ch/authors/id/G/GB/GBARR/IO-1.2301.tar.gz
tar xzf IO-1.2301.tar.gz
cd IO-1.2301
perl Makefile.PL
make
make install
---
Next use CPAN to install Time::HiRes
Finally, if Compress::Zlib cannot be tamed with CPAN, install it manually. Different file, but same procedure as for IO.
HTH,
Alex
P.S. As a rule of thumb, never install an update on a modified system before waiting at least a week to see what issues may crop up. This applies also for stock systems, but in particular for modified systems.