Such situation happens if a class has a dependency on interface but implementation preference for that interface is not declared in configuration. If it happens after update, you should try:
clear cache :)
re-run compiler tool
Maybe we should add proper error message for such case.
I updated my local magento2 project and got: Fatal error: Cannot instantiate interface Mage_Core_Model_ConfigInterface
It seems that Object Manager is trying to instantiate an interface. I can look further into this if needed.
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