And this is a unofficial release and a beta one. It works well but some things are not working perfectly, like the camera is limited to 3 MP for now, video mode does not work, the FM radio does not work yet but most of the stuff works well with a few bugs. Since this is beta software, don't expect everything to work always.
My opinion is that the developpers have made a wonderful job and for me, 2.2.1 with a few bugs is definetely better than the 1.5 firmware provided by LG. It is more responsive and it is quite stable.
I suggest that you take the time to read the documentation on OpenEtna website before deciding if you want to try the update. Or, if you prefer, you wait for long months before LG issues out an hypothetical 1.6 or a "too beautiful to be true that we'll probably never see the light" official 2.2.
Make sure you read carefully the procedure once or twice at least before trying anything. And if you encounter any problems, you can also consult the OpenEtna forum which is more complete regarding this unofficial update :
You won't need to root, but you will need ADB access to the device to utilize the fastboot tool. I put a walkthrough (attached) together from all the information I've gathered on the web. I take no credit for any of the information in the .pdf, all I did was piece together the different things I've found in a way that I could best understand. It starts with getting ADB access (installing SDK, drivers, etc), flashing OpenEtna's 2.2 firmware, downgrading current firmware if you don't have fastboot, and also a guide to root the device (however if you flash to OpenEtna I believe it's already rooted, at least Superuser is already installed. Feel free to correct me if this isn't correct)