I had this problem, working in an office, updating one iMac, not another.
I believe this may be linked to differences between US & EU/ROW wireless - where US hardware doesn't see channels 12 & 13. My suspicion is that Apple updated their software to match the lowest common denominator (ie. the US wifi settings) without telling everyone.
After the OS update, I couldn't see my nice, healthy wireless network - though the other macs were still accessing it happily. I changed the wireless broadcast channel from 13 to 11 and low and behold - it worked. There are so many networks here that I had to muck about a bit to find a new channel without interference (ie. lots of Airport drop-outs) and eventually settled on channel 1.
Working cheerfully now, I just hate Apple a little bit more today than I did yesterday.