This has been an on going issue for the past two weeks, for myself and a number of friends that play Left 4 Dead 2 on Xbox Live.
I have the newest of the consoles, just approaching one year. Up until now, I have enjoyed XBox Live, now it has become worthless. Of course no one will admit that there is an issue with the update code. It's the old Micro$oft Mantra "IT IS NOT A BUG. IT IS A FEATURE, AND IT WILL BE FIXED IN THE NEXT RELEASE"
My Gold subscription is due in a couple of weeks, at this point I will likely not renew, why pay $60 a year for a product that only works some of the time?
At this point I will likely sell the whole package wireless adapter, wireless headset, wireless controller and 360 console, 360 games and cut my loss. I considered renewing the warranty for a year for $25, but considering that support has been poor at best, I think its time to move away from the XBox platform.