Immediately after the update, I was actually able to load a saved game and play for about 30 minutes, in which I saw unusual non-playable character glitches and some lag. At the approximate 30 minute mark, the game froze. Upon restarting, I could no longer load my saved games.
If I try removing the update, the saves are unable to be opened because they are from a "newer version" and I am requested to "install any updates." If I attempt this more than 3 times, the error message then turns into "save data is corrupt" and the game preview picture is entirely black. Luckily, upon restarting the game, that message goes away.
Basically, I'm unable to play the game with my character that I have played since I bought the game in December 2011. So, if a administrator or some sort of Bethesda official help doesn't respond to this post, I will be making some phone calls.