No known issues have been reported as per;
http://support.microsoft.com/kb/945432/
You're still unclear about your issue. Are we talking about embedded
pictures here or attached pictures?
As the issue only occurs from messages received from Mac clients, one would
assume improper mail construction is taking place at Mac level or improper
conversion is taking place at mail server level and that applying the update
to Outlook only makes Outlook more sensitive to this improper conversion.
Symptoms and the actual cause can be easily confused at this point of
troubleshooting and with offered information.
Anyway, as already mentioned in the article; when you have issues applying
this security update, contact Microsoft.