The update took about 15 minutes to complete, requiring several reboots and an awfully long time showing just the Dell flash logo. It looks like it isn't doing anything at all, but leave it be, the update is processing.

I didn't lose any data at all. Following the start up all of my apps were there. As were the vital things like the all-essential giffgaff APNs. So perhaps the Dell warning is just being a bit conservative in its approach. Certainly, no problems in that respect.

I have not yet tried out the new Dell Stage in this release - much preferring the ADW Launcher that also remained intact. I did have to use Android Assistant app to shut down some services and apps that were started up by default and were hogging some 40MB of RAM.

All in all, a nice update, nothing risky, everything seems to work well and also extremely fast (the Dell Streak is a nippy beast).