[augster]

I was able to finally get the MBox working again.

Here is what worked for me:

In Device Manager
Select "Universal Serial Bus controllers"
Right click on "Generic USB Hub" and click "Uninstall"
Select "Universal Serial Bus controllers" again
Right click on it and select "Scan for hardware changes"
I had to do this a couple of times

Since there are more than one Generic USB Hubs, I used the iLok dongle to locate the USB port that I needed to target. Here's how I did that:
Plug in the iLok to any USB port
Then, back in Device Manager I did the following:
Select "Universal Serial Bus controllers"
Right click on one of the "Generic USB Hub" and select "Properties"
Click on the "Power" tab and in the "Attached devices" section, you'll see the iLok device (if not, go to the next "Generic USB Hub")
Unplug the iLok device and quickly plug the MBox into that same port, then if the MBox is not recognized, uninstall that USB Hub following the steps above

The MBox is working fine now.