Following my previous post about the availability of the most waited update, here is how the update is processing (about 10 steps which take something like 20 minutes to be completed)
Everything is perform through the Zune software.
After receiving the update availability notification on your Windows Phone, connect your phone to you computer and launch the Zune software (if not started automatically).
Follow the wizard to perform the update; it’s pretty simple.
I have to say that Microsoft has done a good work on this process as you have an automatic backup before applying the update (step 7); and you have almost nothing to do, except starting the update process
The most important of this works is YOU DON’T LOOSE ANYTHING on your phone, not like with Windows Mobile 5.xx or 6.xx