1) Open settings-> about menu in phone
2) Press "reset"
3) Press "yes" twice. The phone will start to reboot.
4) Wait until the phone shuts down and begins to reboot, and take the battery out. NOTE: If you take out the battery too early, it will not work correctly. I waited until I first saw the Dell logo pop up and then pulled the battery, and that worked.
5) Remove the old SD card (I used a very small eyeglass screwdriver to gently pry it out since it isn't spring loaded)
6) Put in new card, replace battery, restart phone
7) Go through the setup process

That should do it. My phone hasn't crashed since I replaced the card on Sunday, so its been a success for me. I have not had any performance issues with my new card - but I suppose that really depends on your card. Granted, I actually downgraded - I went to a Sandisk Class 4 8GB card. Soon enough I'll be getting a 32GB card and trying that one out.