Microsoft is working on the issue
If you have applied the latest Xbox 360 dashboard update and then run into issues getting online, Microsoft has acknowledged the issue. The software company has admitted to the issue and promises to have it fixed as soon possible. The bad part is that we are looking at the long holiday weekend and some won't be able to play games online.
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The issue is that the update is preventing gamers from logging into their Xbox live profile. The inability to log in means no online gaming and some content purchased online won't be available either. There are also apparently issues with video content playback.
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"We have recently identified an Xbox Live profile data error that results in Error Code '801540B7' for a small number of Xbox Live members", an Xbox representative told Joystiq. "The error instructs users to attempt to re-download their Xbox Live profile and directs them to customer service support for further assistance. We apologize for the inconvenience this has caused to our loyal Xbox Live members and are working to resolve the issue as soon as possible."