My mistake… I thought it was Gmedia that updated and broke itself. Turns out it was a Youtube plugin that updated and broke everything in Gmedia. Disabled the YT plugin after investigating further and now everything works fine.
To the OP: Try looking at the debugging console in a browser like Chrome or Firefox and see what error comes up.
I have the same issue and it started after installing the update this week. This is one of the key features I use on my site, as I stream live radio shows and the archive mp3 show files are automatically ID3 tagged, encoded and uploaded to the site and all I had to do was import them with this feature. Now importing doesn’t work at all, and the album dropdown problem I’m guessing is related. There are other new issues as well.