I had the same problem. The command line update didn't work for me for some reason. It's some sort of bug that I haven't experienced in any update before this one. Here's what I did to fix it:
I deleted my eclipse installation
Downloaded a fresh copy of the sdk from the developer website
unzipped the sdk and copied only the eclipse folder
replaced my old eclipse folder with this one (deleted the rest of the download since I already had the sdk)
started up eclipse and pointed the workspace location to the old workspace I already had. All my projects were back as I had left them.
There might be other methods as well. This one seemed simplest to me. Others have suggested updating every eclipse component one by one and things like that but it seemed too tedious to me. If your eclipse installation is heavily customized and you have a lot of plugins installed then it might make sense to find an alternative. My install is always pretty minimalistic so I didn't mind throwing it away and starting from scratch.
Hope this helps!