After reading and blogging about the commitment involved in upgrading to Service Pack 1, I decided I better wait until I wasn't in the middle of something (or the usual 18 things.) Finally, today, I upgraded one of my boxes - my laptop.
I uninstalled Web App Projects and just to be safe, though I don't recall seeing the suggestion, Web Deployment Projects. I disabled my anti-virus, made sure I had gobs of free hard drive space and went ahead and ran the install. It took only about 45 minutes! Who knows why! I even opened up and ran a few projects (Windows & Web).
I still have another computer that I need to update. But I'm considering updating that one to Vista first, which means a repave. So when I have lots and lots of free time, I'll do either one or both of those things to that box.
Update: I did apply the Service Pack to that other computer. This time it was under 25 minutes! 2gb ram vs 1.5 on the laptop and the processor is not much faster than the laptop.