You should have the following folders in "content" : Actor, Effect, Event, Font, Game, Map, Model, NavMesh, Pack, Physics, Sound, System, Terrain, UI and Voice. If not, then re-install the update, it could be this causing the crashes.
You mean I should have those folders (Actor, Effect, Event, Font, Game, Map, Model, NavMesh, Pack, Physics, Sound, System, Terrain, UI and Voice) in both the game and the update folder?