I am in the middle of rebuilding my website when I updated to 3.4. I am using the Acquisto theme from Press75.com.
I am encountering the same problem that so many others describe. I understand wordpress.org claims it is not a problem on their end, so I brought it to the developer's attention, Jason Schuller.
After he was unable to replicate the error on his own, the theme and 3.4 apparently works just fine for him, I gave him access to the backend of my website and he took a look to no avail. He was unable to resolve the problem and told me after looking around in the wordpress.org forums it appears to be an issue with the user role definitions.
He offered no solution or fix though. Needless to say I am VERY disappointed and have already asked for a refund. Not only am I going to have to start from scratch on the rebuild of my website, but I am now going to be hard press to finish the job by the end of July deadline. Awesome.
Before I scrap this theme I was wondering if anyone out there can suggest a fix to this issue. I know it's not a wordpress.org problem, but my developer is apparently not offering up any solutions so I am making a last ditch effort here. Please help, anyone. I am going to be bald very soon at this rate of frustration. Thanks.