Assuming the update included a firmware update, it's possible that a glitch occured during the process (i.e power fluctuation such as a brown-out or outage).perhaps it is my logic board...but i'm soo pissed that i have to spend $1000 for another logic board when it was from a simple software update...i mean how can a software update affect hardware like this?
If not, then the partition tables could have been damaged (not the case though, from what you've posted). In such cases, you'd still be able to load the Snow Leopard install disk, and reinstall the OS, then restore the data from a backup (or restore the entire drive from a clone).
In your case, Apple should support you on this, but I've a feeling they won't, as there's no way to prove it (firmware update = FAIL, even though it's rather obvious). Apple doesn't have a way for the geniuses to restore the firmware to a board (remove the ROM chip, reprogram, and resolder, as it's not a DIP package with exposed pins you can use a clip to reprogram).
So they have to replace the board. If under warranty, you get it for free. If not, you "eat" the cost of a board.
Sorry, as this really sucks.