Ok lets come up with a consensus and a summary of the solution to this issue.
First and foremost, evidently there is no single solution that works for all, I'm assuming it depends on the functionality of the mscomctl.ocx the affected application is using and the version the old ocx was prior to the Microsoft Update.
Now, it has to be said you always have the option to run a System Restore and turn off Automatic Updates, however if you can't restore or automatic updates is a must, then you have to start dealing with the registering un-registering remedy.
Before you try anything keep in mind that in Windows 7 (and alike i.e. Vista, Server 2008, etc) you must run the script in elevated rights as administrator.
Lets start:
First run this script:
regsvr32 mscomctl.ocx /u
regsvr32 mscomctl.ocx
That alone fixed it for many.
If this didn't solve it:
Run only this line:
regsvr32 mscomctl.ocx /u
Log off/on
Run this line:
regsvr32 mscomctl.ocx
If this didn't solve it:
Run only this line:
regsvr32 mscomctl.ocx /u
Reboot
Run this line:
regsvr32 mscomctl.ocx
You may also try to log off/on or reboot after the running the second line
If it still didn't solve it.
You'd have to get a hold of the old mscomctl.ocx version Microsoft Update replaced, either via a backup or online, or a friend, somehow get it.
Place the old ocx in a random folder NOT in the system folder where all the dll's reside (i.e. C:\Windows\System32), for example c:\randomfolder\mscomctl.ocx (old version)
Then run the following script:
regsvr32 mscomctl.ocx /u
regsvr32 mscomctl.ocx
regsvr32 c:\randomfolder\mscomctl.ocx
Like the previous solutions you might have to log off/on or reboot between the un-register and register and after the last line
I believe this covers all remedies you may see different variations but its all over kills, in my honest opinion, and won't do anything more.
Good luck!
Theses options worked. Problem is number of clients across multiple locations....
XP: Click Start, Run, Enter "regsvr32 c:\windows\system32\MSCOMCTL.ocx" (without quotes), Click OK
WIN7 (32-bit):
Must be Admin and disable UAC.
Click Start, Run, Enter "regsvr32 c:\windows\system32\MSCOMCTL.ocx" (without quotes), Click OK
Alternate method: Click Start, right mouse-click on CMD (Command Prompt), Click on Run As... (Run as Administrator), Enter "regsvr32c:\windows\system32\MSCOMCTL.ocx" (without
quotes), Click OK
WIN7 or SERVER 2008 (64-bit):
Must be Admin and disable UAC.
Click Start, Run, Enter "regsvr32 c:\windows\syswow64\MSCOMCTL.ocx" (without quotes), Click OK
Don't know what's preventing MS from offering a follow up kb with a comprehensive fix.