Well in typical M$ fashion the update for me is a fizzer.
I updated and the version does indicate 7.0.2, however I do still get the virtual switch error when I start VPC. So I reapplied the update and when I open VPC it says that there are items missing and to reinstall the update, which I do, but then it says the same thing over and over and over.
So I reinstall VPC from scratch, add the update, same thing. So reinstall the original again over the updated version and it's fine. Shows as version 7.0.2 but with the virtual switch error message at startup of VPC.
I've repaired permissions as usual, restarted my Mac and all those tricks but no go.
Thanks M$ you reaffirmed my reason for having a Mac.