Desktop Manager alerted me that an update for my device was available so I followed the on-screen instructions and in a few clicks the upgrade was in progress. The process took around 30 minutes.
After the upgrade was successfully completed I played around with the device to see if everything was ok but unfortunately I had a couple of minor issues. Clicking on the Browser icon always took me to the Rogers Mall site as well as Facebook and Windows Live Messenger refused to connect.
After Googling for a bit, I found a simple fix that solved all the issues mentioned above. I had to go to Options -> Advanced Options -> Host Routing Table -> Highlight first row -> Press the BB button -> click on Register Now.
After that is done I did a hard reboot (took out the battery and placed it back in) and everything was back to normal.
There is definitely a lot of improvements in this version. The browser is faster when navigating or loading sites and the overall responsiveness of the OS got better.
This upgrade should also address the memory leak problem a lot of Bold users were facing as well.
In general, this is an essential upgrade for all BlackBerry Bold owners out there.