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The last 3 times this happened, (3 updates) it was related to multicore processing issues for me.
I just needed to go into to my settings and disabled them even though they they were already disabled.
Every time i restarted TF2 i had to do this as the settings stopped being saved or being handled properly.
If you want to do research on when this bug first popped up, its like November 2011. (maybe even earlier, its been around a long time)

When TF2 first went F2P I remember having issues with multicore rendering causing weird stuff and crashes.

Not anymore though. I run mat_queue_mode 2 in autoexec.cfg and have TF2 set with threaded optimization to ON in nvidia settings (I recently switched from ATI to nVidia).
 
Anyone find any fixes yet? Or anything that could atleast stop the crashes until valve fixes it? I really want to play TF2 right now, but it isn't possible with all these damn crashes
 
Found out switching to Dx9 fixes it for some people, haven't tried it myself yet though
Edit: This fixed it so far for me
Edit2: This fix works completely for me. I havent crashed after about an hour of playing and the dx9 actually increased my fps and gameplay
 
I still haven't crashed, but when I downloaded the recent update the download was 2,000 mb. Maybe the people with the larger download don't crash?
 
-dxlevel 95 worked for me as well, getting used to TF2 looking like that is tough though. I don't lag with dxlevel 95 but as soon as Valve releases a fix I'm going back to dxlevel 81.
 
-dxlevel 95 worked for me as well, getting used to TF2 looking like that is tough though. I don't lag with dxlevel 95 but as soon as Valve releases a fix I'm going back to dxlevel 81.
Same here, I don't like how everything is all shiny. But I have to admit, since I switched to dxlevel 90 I haven't lagged as much, which makes me kind of want to stay on it
 
Hmm, I think I'll try dx90 in a few then. As far as I can tell, it has something to do with someone joining a server which causes someone who was already playing there to crash. Played in an empty server with some bots and I didn't crash at all.

EDIT: Holy shit, it works. I think I'll stay with my new settings for a while now.