I upgraded to 4.0.3 as follows:
1. Unpacked the installed zip to the existing directory, overwriting what was there. By inspection, it looked ok, e.g. folders for additional modules (XMOD, ActiveForums) were intact.
2. Applied changes to Release.config (InstallationDate, validationKey, decryptionKey) to make them same as web.config (renamed to web_backup.config before unpacking update). Also updated connectionStrings to conform to existing web.config. Saved Release.config as Web.config.
3. Launched site, upgrade seemed to progress normally, clicked "Click here to access portal" (or similar).
4. Got a message "An exception System.CannotUnloadAppDomainException has occurred in /LM/W3SVC/1/Root/dnn4-1-127901903322656250. No debugger available".
5. The site came up, and I was able to login as host and check existence of modules. All looked in order.
Subsequently, however, I try to access the site, there's a short period where the progress bar proceeds, but then IE says Done and I stay where I am.
Any suggestions for diagnosing/fixing whatever is broken?