I ended up on the Palm Treo 700p website over the weekend only to find that the Treo 700-series updates have all been pulled. This includes the 700p, 700w, and the 700wx for Verizon Wireless only.
"We have taken down the Verizon Wireless Treo 700p and 700w/wx updaters as a result of increasing customer reports of network connectivity issues following the updates. We are currently investigating the issue and will re-post as soon as they become available.
The reported error displays "Error 3000 - Data network is not available" when attempting to connect to the data network. This error does not affect your device or personal data in any other way. Thank you for your patience."
It would appear that some sort of bug has been detected in the code that connects the Treo to the Verizon Wireless network. At least that would explain the connection issue and why the data on the device is not affected. When the updaters go back up, I'll post it here.