First the good news. Adobe Lightroom 3.2 update is out.
Bad news, the update wizard conflicts with Knobroom’s startup, meaning that both update dialog and Knobroom start dialog freeze and you have to kill the Lightroom task to solve it.
Workaround is to temporarily rename Knobroom.lrplugin folder, run the update and then rename directory back.
Sorry for the trouble, I’ll try to figure out a way to start the plugin without interfering with the built-in updater.