The LG PC Suite or LGMobile Support Tool progs will do the update (in theory!!). Your documentation describes how to install these and the USB drivers.
mattRSK: I currently have the P500h and I was unaware that there was an update. Currently running Android 2.2.1. Can someone explain where the update comes from. Is it on the Telecom website?
LG has a tool you download and it installs the update, Its on the LG website
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wifi tethering doesn't work without an app, but works fine once you have one installed. Camera doesn't do panorama, youtube lags a bit in high quality mode, and the FM radio doesn't work. Apart from that, no problems for me whatsoever.
No, but I have heard good things about the AOKP build on XDA. Actually I might give that a go later this evening :)
Forgot to add: If you're still running 2.2 you'll have to update to 2.3 first, the basebands are different and new roms don't work with the old baseband
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