To be honest I think this might be the worst patch yet; it's completely fucked up my custom content. Trying to manually fix it now but not having much luck so far. Definitely don't install it until AM have made their patch.
Sitting on my hands patiently. Can't play Sims without AM because of freezing issues and bypassing the error message just led me to another message that said re-install or quit!! No thank you, the Sims.
Having the same problem: checked patches, reinstalled, tried to bypass and the Sims spat at me... then I realised the current version of Sims 3 is 1.55 not 1.50! So we need to wait for an up to date version of Awesome mod looks like!