It seems Microsoft has botched their much awaited update.
Currently, there are numerous complaints of people who are unable to update their console.
They can't even access Xbox Live itself.
Microsoft; get your act together. People expect a certain level of quality for something they pay for.
This post will be updated.
Update: Microsoft is working to get the problem fixed.
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Voices must be heard; so mistakes like these are taken more seriously.
As of now; Xbox Live seems to be working. Will update soon...