Join Date:Joined: Aug 2008
First, you need to be on stock recovery for the OTA to attempt to install. Next you need to make sure all your system files and such are present and back to "stock" (i.e. if you did the tethering hacks, renamed or replaced system files, etc, you need to undo that), and you need to un-install Xposed or the OTA will fail when it tries to install.
Since you are Dev with unlocked bootloader, it wont "break" anything, but the new bootloader installed via the OTA prevents downgrading your rom. So if you find an issue with 4.4.2, you're stuck with it, you can't flash back to 4.4. If you loose root, you can still flash custom recovery and install SuperSU to root.
Those with locked bootloader might keep root, but Write Protection gets Enabled again. With an unlocked boot loader, you don't have to worry about this.