no, you cant roll back the update. you will have to root your device to do this.
visit the rooting subforum of your carrier and find out how.
Originally Posted by luv2run
Just wondering, if you don't like the update, is it possible to do a factory reset and put the phone back the way it was? I've decided not to update my HTC One because it is working fine like it is. The main reason I wanted to update was to get the Photosphere feature, but I found out they are only on Nexus devices, so I don't have a compelling reason to update my phone. I will probably get a Nexus 7 tablet instead.