Wait! I got something very very simalar when I updated. I don't remember the number, but the error comes as soon as you open planeshift right? When the game is loading on that splash screen with the tower and dragon-thingy and blah.
Try deleting ALL your DLLs in the planeshift folder.
Download updater version 1.1.1.1 from
http://hydlaa.com/smf/index.php?topic=23024.0 . Do it anyway, even if you seem to have 1.1.1.1 already.
Now unzip the zip file you downloaded into the PS folder. Run the updater. It will throw an error but ignore it. Run the update. When done, run the updater again. If it updates any more files, delete those and run the updater yet again. Run pssetup.exe and make sure everything is the way you want it. Then try launching Planeshift again.
Worked for me..
