I don't know that I'd hold out much hope for the Combo; reinstalling Rosetta sounds like a more realistic approach.
I wonder if the following sheds any light. I only saw the update bulletin yesterday so, given this thread, I clicked on:
For information on the security content of this update, please visit this website:I went to the
link . Yesterday evening the page was not available but this morning it is and this information is provided.
Name and Information
OSX Lion v10.7.3 and Security Update 2012-001
Released for
Mac OS X v10.6.8, OS X Lion v10.7 to v10.7.2
Perhaps Apple didn't write code that broke Rosetta. Maybe, in their haste to get a Lion update out and combine it with Snow Leopard, Apple has completely missed the fact that SL has the Rosetta component and left it out.