Before I upgraded to the Droid X, I did have the original Droid. When I received the OTA 2.2 update, it messed up my SMS custom ringtone assignments via Handset,changed my custom ringtones I had assigned to my contacts for phone calls and my default notification ringtone. I was unable to change anything back to what I had it originally set to.
I called Verizon and they told me that Motorola is aware of the issue. Motorola will either push a minor update out or wait for the next Android software update (2.3?). They didn't provide me an ETA.
After backing up my data and apps, I did a factory reset and all was good. I hope this helps.