As expected the update is said to factory wipe all data prior to the Honeycomb installation. The update appears to be rolling out slowly, I’m still waiting for the update for my tablet.
Early reports from users who have received the update on the Dell support forums have indicated problems with using the menu key on the home screen after the update. Others have indicated that the Dell 7-inch, 800×480 is inadequate for Honeycomb, explaining that the screen is too cramped.
We will report back once we receive the upgrade.