No, but here is how it might happen. Per Microsoft:

"This issue occurs because the universal serial bus (USB) driver stack for Windows XP SP1 was modified so that a USB 2.0 host controller is always started before any one of its USB 1.1 companion controllers is started. This change was made to avoid enumeration conflicts that occur when a USB 1.1 companion controller is started before the USB 2.0 controller. Windows XP SP1 implements this change by using a 500-millisecond timer to poll the USB 2.0 controller to determine whether it is started before Windows starts the USB 1.1 controllers.

The Windows XP SP1 USB driver stack delays the start of USB 1.1-compatible controllers if they are paired with a USB 2.0 controller. This delay is designed to synchronize the start of the USB 2.0 controller with the start of the USB 1.1 controllers. This delay may prevent the USB driver stack from functioning as a boot device, and therefore all attached USB devices fail.."

This scenario normally applies to a Windows SP1 Preinstall Environment (WinPE) image. I suspect  it could occur on an upgrade.

Do you have both USB 1.1 and USB 2.0 controllers in your Dell? Have you added a new USB 2.0 card to an older Dell that has an onboard USB 1.1 controller? Did you visit the Windows Update site after upgrade to SP1 and have it scan your system for needed driver updates?

Tony