Such a big load of trouble for such a small update. Microsoft's first WP7 firmware refresh has been causing some unfortunate brick-like behavior in Samsung Omnia 7s and the company has wisely decided to pull the new software back until it can correct whatever's going wrong. An official communiqué to WinRumors says Microsoft has identified the issue at hand and is working to correct it and redistribute the update as soon as possible. For any Samsung WP7 phone owners who haven't been able to resuscitate their device yet, the advised course of action is to go back to the store and swap it for a livelier one.
Update: Timo wrote in to let us know that some people are still seeing the update. If that's you, you'd be advised to hold off.