HI DSTAVERT!
It hasn't made a difference upgrade or not. Try a different keyboard or PS2, enable USB legacy or disable it.
</div>(Differences: I suppose without upgrades or patches there is no option to revert to former version. But I don't know if the option is offered without updates at all.)
Keyboard: nice idea, thanks! I'd a PS/2 keyboard, already - however connected via a kvm switch, but this should be the reason (I didn't have tested directly connected until now).
Meanwhile I'd alternatively booted the host via an (already updated) ESXi 4 U1 on an USB key. This instance let me choose to revert via Shift-R.
(By the way: have to be pressed during "Loading VMware Hypervisor" (the black screen with progress bar, before yellow/grey screen).)
So something have to be wrong with the hard disk installed ESXi 4 U1 instance...