I'm no tech pro, I'm just a fairly advanced home user, so I spent some time reading about what I was considering doing. If you haven't, read Tresezk's All Things Root Guide
on this board, read all of it before you decide to root your phone. Then go search for some more info.
The actual steps are simple, you don't need any real knowledge about rooting to do it, but if something goes sour during the process you're going to have no idea what's happening or what you can try to do to correct it, and you just might have produced an expensive paperweight.
The update file ended up in a strange sub-sub-directory (I forget what it was) on my sdcard and took a bit of searching to find. Other than that, everything went off fine. Feels great to be a super user.
Thanks to the developer.