same issues here! do not install updates until we get further notice. I am rebooting my macbook pro the 2nd time! if you have time capsule setup with your time machine then you are ok to recover everything from your last back up.
plug in an external drive through the USB, restart the computer and hold on to option/ alt key until it gives you the options to access 3 drives (your Mac HD, your plugged hard drive and a recovery drive) choose the recovery drive.
From the menu, select the time machine ( I think it was recover from time machine) and follow the prompts. ensure that you choose the backup dated before the last update which caused this issues, in my case I chose a backup from 10th June 2012.
this took me a few hours about 3hrs, but will depend how much data you had on your drive. I had a 750 gb with more than half used.
be patient and wait till this is done. once done, DO NOT ATTEMPT to do system update or if it prompts you to update, ignore it for now until we have a better answer to the issue.
I hope this helps, I am currently waiting for my second system restore as I attempted to do system update soon after I restored all my files so my advise to you all DO NOT UPDATE until we get a fix for this.
Remember, this is for those people who has Time capsule and time machine set up... not sure for other set ups but I'm sure you will find a way not to loose all your files.
Best of luck to you all.
Regaeds,