I just had a nice experience by calling TomTom's Tech Support. I was going to discuss my problem here and see what you all thought of it while I waited to hear back from contacting them online (email). I did that last night. Anyway, I received an email back from them this afternoon and I tried the three things they told me to try (one of them consisted of resetting my GO 720). None of their suggestions worked. At the bottom of the email it told me that if none of those worked to call them at 866-486-6866.
So, I called a nice young lady named Jamie assisted me and actually apologized for what the email told me to do. She said that if there's a red x that it's a software problem and that trying to reset it should not be a suggestion.
TomTom's Jamie guided me through a process where I had to delete the Downloads folder from the program and then do the updates again. It eventually worked and I just wanted to say that if you have an issue (especially with updates) to just call their tech support (don't bother with contacting them through their website - that's just a waste of time).