Layers misaligned with Basemaps since upgrade from 10.1 Beta to 10.1 Final

Ever since I upgraded from ArcGIS for Desktop 10.1 Beta to 10.1 Final I have an alignment problem when adding basemaps (such as Bing). Before the upgrade it worked fine.

Now when I add a basemap, my map of Utah ends up off the coast of Africa. Huh?

Has my file database been corrupted? Has anyone else experienced this?

I have checked my coordinate system and everything is set the same (WGS_1984_Web_Mercator_Auxiliary_Sphere).

Any ideas or solutions?

Thanks,

Mike