Q: iPad 3 iOS 8.1 update fails error code 4005

Was updating from 8.0.2 to 8.1 through iTunes 12.0.1.26 on a Win 7 PC. The update failed in the middle and left the iPad in recovery mode, and gave me error code 4005. Last night while updating my iPhone 6 plus OTA got hit by failures in the same way. Then again on a MBP with error code 56. Other people are seeing the same problem as well. Looks like the update process is very buggy this time around.