The update downloaded just fine for me and installed without any problems. I didn't have to unroot before doing either task, and it appears that I still have root after the update (OTA RootKeeper wasn't necessary).
Like DieB4uwake mentioned, the only thing I lost was my activation, but that's not an issue whatsoever really - just a few minute call and everything was back to normal.
I know this isn't the best way to measure things, but in the "all" tab under applications, it appears that I've lost 10MB of space due to whatever apps and updates Verizon installed. It would also appear that Madden can now be moved to the SD card, which gives back that 10MB lost in the update (maybe I'm wrong, but I could have sworn we couldn't move Madden to the SD card before the update).
I'm not entirely positive on this one either, but I believe Swype may have received a small update as well. If someone still on 2.3.3 wouldn't mind, could you post what version of Swype is installed so I can see if I'm right?