"Fatal format file error; I am stymied" and initexmf -u won't fix me
I have installed MikTek 2.4 some time ago and happily used it regularly without any major problems apart from pdftex and fonts related problems.
Today I decided to see what upgrades were available via the MikTex update wizard and installed all the "miktex-*" ones.
Surprise surprise after doing that nothing seems to work anymore (pdftex, latex, tex, they all abort with the same "Fatal format file error; I am stymied").
I have been "googling" about the topic and read about possible cause for this and remedies however, when I try to update the database with "initexmf -u", or via the "update now" in the "format files" tab of the MikTex Options program, nothing seems to get fixed!
Any clues as to what could I do to check what's wrong?