I had some free time this afternoon so I unplugged the box for 2 mins and started testing from scratch again. Not sure why I was having issues immediately after updating, but my testing this aft had better results. Now when I enter standby, the red light stays red (instead of turning blue again after a minute) and when I wake the box although I get the following error, if I click "cancel" I can watch TV again with no issues:
This obviously has something to do with the file commander app I have installed, so I wonder if that had something to do with the issue all along. I'll keep playing around and will report if uninstalling file commander clears everything up completely.
Thanks!