I just installed Quicken 2011 Premier R8 this morning. Tried One-Step Update first thing. It got stuck. The Mac hadn't had time to go to sleep. The timer symbol was still rotating so it wasn't locked up altogether. Is that true for you too?
I went off to do some other things and left it sitting for 10-15 minutes. The update had completed normally when I got back. How long have you waited?
I also use Wells Fargo. I just tried One Step Update again but deselected all the institutions in the One Step Update window except a credit union. Did not take as long but still pretty slow - 2 minutes? I don't know if Quicken only retrieves data for the financial institutions that are selected or for all that have direct connect enabled but maybe it's not related to Wells Fargo.
I'm just in the process of moving from a Windows PC to a Mac. I'm not sure but think I vaguely recall an Update on the Windows PC got similarly stuck a week or so ago. I didn't notice whether the timer was revolving. I just thought it was a typical Windows hiccup, rebooted and Update worked normally. Anyhow, it may not just be a Mac problem.