Re: netfxupdate.exe message on start up...
I know there is a security update for . Net 3 that went out recently and a new version of .Net 4 (do we need another version?). As far as I know, LOTRO uses an earlier version. I had to install 1.1 on my Vista x64 when I copied all the files over from my other partition.
As far as I know, you don't need it, and the jury is still out on weather it fixes security wise then it might break. (I don't know if it actually breaks anything, just that most security blogs I read are doing the wait and see thing)