In this weeks Windows Update batch for Windows Server 2008 R2, it looks like Microsoft snuck in PowerShell 3.0 under the Windows Management Framework 3.0 for Windows Server 2008 R2 KB2506143 optional update. Which sounds like it shouldn't cause any issues, like many updates...
It turns out that since PowerShell 3.0 utilizes .net Framework 4.0, it no longer supports cmdlets that require previous versions of .net (say, all SharePoint cmdlets, which use .net 3.5!). If, like me, you attempted to do this, you saw an error similar to the following:
So, the Solution Is:
Actually, it's pretty simple to get around this - simply open PowerShell using the parameter
Also, you will need to add in the SharePoint SnapIn...but once that's done, you're good to go with your SharePoint powershell scripts, just like before the update.