I went to the dealership and copied the MFT 2.0 files onto my own flash drive. The entire upgrade process took about 45 minutes - I drove for about the first 15 minutes and parked/idled the rest of the time. Many of my previous settings were saved (radio/Sirius stations).
It is a massive upgrade and a huge improvement (although I didn't mind the previous version too much)! MFT downloaded my addressbook super quick without a flaw. It indexed my Zune with about 619 songs in under a minute and maintained all my album art with no issues (previously MFT was hit and miss with the album art especially after adding new content to the device).