Exact same issue with a Freecom Mobile Drive Mg, 1TB.
If no-one has any solutions then the next best thing you can do is officially report it to apple, the more complaints they get, the more chance they will do something about it. Here's the link: http://www.apple.com/feedback/macosx.html
I went to the online support site here: https://getsupport.apple.com/Issues.action, and had a chat room discussion about this. My "Apple Support Case" ref is 504734069 for your info, which you can quote when you contact them. I assume Developers already know what to do.
Unfortunately, you can't "uninstall" the update unless you restore the whole of OS X from a previous days backup, at least not according to the guy I spoke to in the chat room. He also advised to reset the SMC and if that fails to reset the NVRAM/PRAM settings (link for SMC: http://support.apple.com/kb/ht3964 and for NVRAM/PRAM: http://support.apple.com/kb/HT1379 ). I tried the SMC reset but that didn't work and I've yet to try the NVRAM reset.
Anyway, good luck to all.