I would like to update everyone on my situation.
After chatting with Apple support, I was setup with an appointment to the Genius Bar. When it was my turn to be seen, I was pretty surprised by what the rep would tell me. I was told that it was a known issue that the software update actually triggers something in the phone so the hardware fails. Keep in mind that I did my research before hand, but during my visit I did not mention anything to the rep that was assisting me. After being told this information, the best "solution" that was offered to me was a replacement phone for around $300-$400. I walked out without taking the "solution" and actually called Apple support and managed to get in contact with a senior support rep. They managed to get me a free replacement so now all is well.
Even though my situation was fixed, I found it pretty appalling that Apple actually knows about this issue yet still refuses to offer free replacements in wake of this information.