SQL Server error "The application has failed to start because its side-by-side configuration is incorrect."

After the December windows updates I had issues with a few SQL instances for products like McAfee's EPO.  The services would not start up, and the SQL 2005 patches would fail to install.  I received the following error:

The SQL Server (Server Name) service failed to start due to the following error: The application has failed to start because its side-by-side configuration is incorrect. Please see the application event log for more detail.

Turns out reinstalling the Visual C++ redistributable will correct the issue and allow the service to start.  After starting the service the patches will install correctly.