I feel confident that it is a bug with the update and I would love to hear of any possible fixes.
Some people, when encountering unexpected behaviour in Photoshop, seem overly prone to use the term »bug«.
Have you performed the usual trouble-shooting routines (trashing prefs by keeping command-alt-shift/ctrl-alt-shift pressed while starting Photoshop after making sure all customized presets like Actions, Patterns, Brushes etc. have been saved and making a note of the Preferences you’ve changed, 3rd party plug-ins deactivation, system maintenance, cleaning caches, font validation, etc.)?
Could you please post a screenshot with the pertinent Panels and Dialogs visible?
Sorry to sound like a big jerk calling it a 'bug'. I guess that's just a natural response when something stops working immediately after applying an update. Thanks to you, c.pfaffenbichler, my problem appears to be solved.
I had previously trashed the prefs, repaired disk permissions, (I don't have any 3rd party plugins), and am up to date on font validation. However, I haven't cleared my caches in a while so I ran Cocktail and now things seem to be back to normal. Is it possible that this was caused by a corrupted cache? If so, how might this have come about so I can avoid it in the future?
Thanks for your help.