SetSite failed for package [Microsoft.VisualStudio.Editor.Implementation.EditorPackage]

After the 07/10/2013 Microsoft update, VS 2012 doesn't want to work. It throws exceptions that can be visible under:

C:\Users\[user]\AppData\Roaming\Microsoft\VisualStudio\11.0\ActivityLog.xml

In order to fix the issue one needs to clear the VS cache under:

%LOCALAPPDATA%\Microsoft\VisualStudio\11.0\ComponentModelCache