Had the same problem this morning. Airport Utility connected via cable could see the AEBS, but got a -5 error when trying to do anything else, including trying to revert. Here's how I solved it.
Had to do a hard reset of the AEBS. Pushed pin button on back of AEBS for 5 seconds until light blinked. Then, had to re-enter all of my custom settings. Fortunately, I have those written down in a file for just such a purpose. Had to rename it, set up Internet access, passwords, ports, the works. But still, only took 5 minutes.
The good news was that when I reset the AEBS, it was still using the new 7.4.1 firmware. After re-entering all my settings, I now have the new features of 7.4.1, and it seems to reboot faster as well. I can connect fine using wireless Macs, but I did notice that it asked for the password again several time and failed, and then suddenly worked. You may want to try turning off Airport and then turning it back on again on the Mac if having trouble.