I'm getting exactly the same behavior following todays update.
As of yesterday, I was hitting bug 
https://bugs.launchpad.net/network-manager/+bug/256054, but on reboot this 
morning, my manually defined IP settings where correctly remembered.

Unfortunately though, the networking isn't working and any changes via
NetworkManager result in the error reported in this bug.

Let me know if I can provide any other assistance to resolving this.

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network-manager After reboot network is totally broken
https://bugs.launchpad.net/bugs/279262
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