While Apple has already addressed and resolved the issue, that doesn't do a whole lot of good for those who were quick to grab the update and brick their phones. There is a solution, however, and here it is:
1. Connect your iPhone to iTunes through either a Mac or PC.
2. Hold the sleep and home buttons to force restart your phone and boot it up in recovery mode.
3. iTunes should ask you if you want to update or restore, so choose update and follow through.
4. Set up your phone!
If the process hangs for longer than fifteen minutes, something went wrong, so you'll have to start over again at Step 1. If you follow the directions and it doesn't help, then you'll have to deal with customer service. And if you haven't grabbed the update yet, maybe wait a bit and do some research to find out if they truly fixed the issue.