Strike this from the record. I re-downloaded the file and and it seems to work now. Must have been a corrupted D/L.
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Downloaded the update version of SL today and tried to launch it. I get a dialog window stating "You cannot open the application "Second Life.app" because it is not supported on this architecture. OSX 10.4.6, Mac G4 1.33ghz ATI 9200 Mobility, 1.256 gigs RAM. Everything worked fine until this update.
Did I just fall off the bottom end of the requirements?
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