So, I went to check for the update at settings-> software update-> Check new and I didn't get any pop-up or response. I thought the phone had network problems but everything checked out fine for downloading.
I rebooted the phone and immediately saw the firmware update.
Proceeded with the update and everything looks fine so far.
One caveat, which has been mentioned, is that the default setting for your network is now Global. I recommend changing that back to LTE/CDMA mode at Settings-> Network settings-> Preferred Network.
Battery has been good so far. I haven't noticed any improvement in reception either as described in their documentation. I am in a good reception area, though, so I won't know until I get farther from the towers.