Just looked at the update for Navionics. After the update, one needs to reload the charts. This can be done either directly through the application and an internet connection, or through resyncing the device in iTunes (assuming you have previously saved your charts in iTunes).
This doesn't seem too onerous - especially if you have previously saved your charts on your computer. I just updated it, resynced my charts and all is working just fine.
I was also just reminded what a good deal these charts are - the entire Caribbean, Bermuda, all of Mexico (both oceans) and all of South America for $15. I approach the topic of accuracy the same as I do with any chart - paper or electronic.
Mark