Some knowledge in case you experience these issues.

After the installation of the security update, several windows adminstrators have noticed entries into event viewer that indicate that a SideBySide error has occured for conhost.exe whenever the command prompt window is opened. This only occurs on Windows 7 and Windows Server 2008 R2. Although it may appear to flood the event viewer with multiple error 33s especially on servers utilising the command prompt, Microsoft has informed that this error does not affect the command prompt window functionality and can be ignored. Upgrading to Windows 7 SP1 is also a potential option if the situation permits.

UPDATE - 18 August 2011

This is now resolved by Microsoft when applying the August Security updates. The patch that fixes this is below: