A word of wisdom to the noobs:
Be patient.
One of the things that seem to be weirding out some folks during the upgrade process is that it hangs at about 11% done... there's nothing wrong. This is NOT a typical ROM upgrade.
What the upgrade has been doing during the time from 0 - 11% is updating the SPL (it'll now say 2.40). After it updates the SPL it has to reboot the device in order to load the the actual new ROM.
That's why the numbering on this upgrade is 3.XX as opposed to the 2.XX ROMs... this is a MAJOR update that is not only updating the OS and radio, but also the SPL and other sections of the firmware.
I did the upgrade this morning from a normal 2.17 ROM and it went through the first time without a hitch. Couldn't have been smoother