I'm a total noob as well, but I unrevoked a day before the update (wasn't paying attention and didn't even know one was coming). Anyway, I manually applied the update as described
here and then re-rooted via unrevoked.
I had this same question when it came to my daughter's phone, so I figured since unrevoked is so simple, I might as well root, update, root. Went through the same process earlier on her phone and it worked great.