I had this problem as well. Once the update was installed- my call ringtone, sms/email notification, and alarm clock went silent. I researched a little and found this lame explanation from RIM: KB24307-Ringtones and alerts do not play regardless of the tune or volume setting
This is a previously reported issue that is being investigated by our development team. No resolution time frame is currently available.
Anyway, a battery pull seems to have temporarily remedied the situation for me, but I'm having more and more problems with this so-called "smart phone" than I need to deal with, so I'll be migrating to a different device soon.