The WSUS server is 2008 R2 SP1 with WSUS SP2 and KB2720211 applied, Version: 3.2.7600.226.
The client is W7 x32 SP1, Setup Client version: Core: 7.6.7600.256 Aux: 7.6.7600.256 and has status of 'Not yet reported. Other XP, vista, W7 and 2008 clients work fine and report the same client version.
The error also appears when I try to connect directly with MS update servers.
2013-05-01 07:25:47:907 964 fd4 Misc Validating signature for C:\Windows\SoftwareDistribution\SelfUpdate\wuident.cab:
2013-05-01 07:25:47:919 964 fd4 Misc Microsoft signed: Yes
2013-05-01 07:25:47:919 964 fd4 Misc WARNING: Digital Signatures on file C:\Windows\SoftwareDistribution\SelfUpdate\wuident.cab are not trusted: Error 0x800b0001
2013-05-01 07:25:47:919 964 fd4 Setup WARNING: SelfUpdate check failed to download package information, error = 0x800B0001
2013-05-01 07:25:47:919 964 fd4 Setup FATAL: SelfUpdate check failed, err = 0x800B0001
2013-05-01 07:25:47:920 964 fd4 Agent * WARNING: Skipping scan, self-update check returned 0x800B0001
2013-05-01 07:25:47:922 964 fd4 Agent * WARNING: Exit code = 0x800B0001
I have no idea what to try next.