My update went smoothly.
The update process seemed to initially "reboot", install some stuff, go through another "reboot", install some more stuff, and then is done.
I too lost a couple minor settings, and had to pair my phone again.
Fwiw, the instructions at syncmyride.com said to use a USB drive with 2GB of storage. I used one with only 1GB of space, and it worked fine.
They STILL haven't fixed how the entertainment status can display incorrectly when adjusting volume and changing tracks at the same time (the volume indicator and track name appear at the same time, on top of each other, all jumbled up). I know, totally minor, but it's such a silly display bug that has been there forever.