No, it isn't fun, and it shouldn't be something that you have to approach with "shortness of breath" like you say. It should just be as simple as download update, connect Helix via USB, update, done.
I have to say, I get pretty irked when people keep saying "Try a different USB port, try a different USB cable, try a different computer." Um...NO. It should work, as all my other USB connected devices, including other audio devices. It just shouldn't be that difficult and particularly nit picky about how/what its connected to.
That said, my Helix went back next day air Monday, and is already supposedly fixed, and already on it's way back to me. So, much praise to Line 6 for quick turnaround. Hopefully they can shed some light on how to avoid this situation during future updates.