Mine did the same after update!
The network light was not working. Then the power light started blinking very intermittantly. I have tried connecting both on the same wired network at home and via the internet with no success.
I have even connected directly to the Slingbox with an ethernet cable to three computers on which I have previously watch Slingbox but with no response.
Also pressing the reset button does nothing no matter how long you press it for!
Come on Slingco there must be a general problem after the update that has affected us all!