It is similar to my problems. I updated to Snow Leopard a few days ago. It was working OK. Well, almost. My cellphone kept asking the for the passphrase.
Yesterday I could not connect to my cellphone at all. When I delete the device, and add again, computer says the pairing was successful, but the phone says it failed.
Now I cannot connect the Apple Wireless Keyboard as well. It connects it for a while, but I cannot type anything with it, even when it is still connected.
To be more precise, the problems began after the first restart. For a couple of days, after initial upgrade installs, I was putting the computer to sleep. When I restarted it, the problems with bluetooth started.