In the brief time I've been reading about this, I have so far gathered this much. (may be inaccurate) The root update doesn't in any way change the version of android on your device, and doesn't touch any of your system. All it does it install the 'su' binary and superuser.apk to it, allowing applications to run with root access. I've done it, and it works fine.
You can undo it by removing the two files manually? I'm not sure if there is a problem with the fact that you have to use these very files to delete themselves.
The package that performs the update by its very nature must contain a valid 2.0.1 update, this has also been distributed and will allow you to update to 2.0.1, but the permissions on the su and superuser.apk files are changed so you no longer have root. Presumably the OTA update will do the same thing, so I do hope there will be a prompt before it tries to install it automatically.
Not sure if the same root exploit works on 2.0.1 yet, there seems to be ongoing discussion on the matter.
Maybe installing the files in a different location with the root patch but symlinking them to their correct locations would prevent the 2.0.1 update changing their permissions upon installation. I'm not sure I even know enough about how it works to be sure if this idea isn't entirely dumb.
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