Christ. This shit again. Neat.
EDIT: Already encountered my first "infinite loading" bug...
...on my first load.
1) Custom portraits will be fixed in hotfix most likely tomorrow (along with a few other things).
2) On the infinite loading, did you load a save first or start a new game?
On saves generally, one thing folks should keep in mind is that it is effectively impossible to prevent all problems with old saves until very close to final release (and even then not "all problems" but rather "the vast majority").
In many cases, a save was already "broken", prior to the update, due to some already existing bug in the build in which the save was made.
The update cannot fix saves that are already broken in this fashion. This is frustrating, especially because the Player probably does not even know that their save game is already broken. This situation is not avoidable for this, or any other game.
In some cases, if certain kinds of content or features change enough, there's no effective way for us to patch individual saves at this stage. The possible permutations of patching are too expansive. The splitting of a level or significant changes to a quest generally fall into this category.
Other types of issues include, for example, what to do when skills change. We could arbitrarily assign skill points away from a deprecated skill, for example, but would this be an effective use of dev time when the solution is just a stopgap for the Early Access phase?
Fortunately, there is a community-made save game and ranger editor available to help with these kinds of issues.
All that being said we can catch the most common offenders in save game forward compatibility over time and save games will become more resilient with each update as we approach launch.
Save games aside, this is a huge update and I've had the most fun playing the game over the past few weeks that I've ever had playing a game I worked on.
If anybody has specific questions let me know.