Anybody who installed Kb2509470 last week and happened to have Outlook 2007 may have run into a rather bizarre issue trying to print from Outlook. When attempting to print or generate a print preview from within Outlook, the user would get the error message "There is a problem with the selected printer. You might need to reinstall this printer. Try again, or use a different printer." No doubt that countless hours have been spent attempting to resolve the problem from the printer/print driver side of things but the resolution is to remove the update and the problems will immediately cease.
There are several posts on the TechNet forums about this issue, where critical mass from the user community seemed to build up over the weekend. Microsoft has pulled the update and as of this morning has updated the KB article page stating they will re-release a corrected security update (http://support.microsoft.com/kb/2509470).