Vic,
It sounds like your geographic database was corrupted somehow in the update. We need you remove your SD card and insert it into your PC. Then locate and delete the "staticversion.txt" file within the Static Data folder on your SD card. After deleting the file, you can put the SD card back in the iFly 720 and run another update for the databases. This should resolve your problem.
If you are not comfortable deleting this file on your own, feel free to contact us at 888-200-5129 and we can walk you through it.