Hmm, this error is certainly not one of the common ones. At least I have no idea about it.
So you said it happened only after you updated? Does that mean that it was working before, or that you didn\'t try?
It is possible, though AFAICS unlikely, that the setup program or a configuation file was corrupted while being downloaded by the updater.
MY next step would be to move the setup program (pssetup.exe) and all configuration files (everything ending in \".cfg\" and \".xml\") into another folder, and re-run the updater (even though that will take ages right now, due to the performance problem). That should give you working versions of the files if they indeed were damaged somehow.
Another option would be to reinstall PS to a clean folder, and not update, since the .11 version still is usable, though it lacks some fixes for annoying bugs.
If you dare, you can start manually copying files from the updated version to the unupdated version and see which file causes the trouble.