UPDATE 4/20/2011: We have now identified the problem and have a solution for customers that were impacted by it Please see the following KB article for the resolution of this problem: http://...
Updated Jul 01, 2019
Version 2.0
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Exchange 2010 management tools do not start after the installation of .NET hotfix KB 2449742
This update killed OWA on my friend's Exchange 2007 installation. Attempts at access create event 64 in the log, and show the following to the user: "Outlook Web Access did not initialize. An event has been logged so that the system administrator can resolve the issue. Please contact technical support for your organization." The update ate his IIS config and created AD replication issues as well. IIS and AD weren't too difficult to fix, but OWA stubbornly refuses to come to life.
I'll be very interested in hearing more of your findings while I try to help him troubleshoot his issue. I am not sure in his case that removing the update would undo the damage. We'll probably try to remove and recreate the default owa site.