sigh. I probably should have read the release notes before updating it.
Update: managed to get a couple of the ringtones working by having both the .m4r and .m4a versions located in the Ringtones directory and using RogueAmoeba's MakeiPhoneRingtone program. It's only OS X, and doesn't work with iTunes 7.4.2. Some ringtones still won't play, but partially working rather than completely not working is better than having the terrible default iPhone ringtones.
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