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Well, the little blue progress bar is barely moving... 43 minutes remaining, started 30 minutes ago. At least you can still use your phone while waiting on it.
 
So I started the update at 9:59:50 and its looken like the whole update will have taken 45 minutes. It's rebooted and is currently installing now.
 
I'm downloading OSX 10.8.2 on my MBAir which is on the same network as my iPhone.

MBA - < 3 minutes

iPhone - > 5 hours
 
Got it

OK. So got it pretty quickly in San Francisco.

Passbook is fail as I hit the app store link and I get jumped to the App store and presented with a white empty app store page.

David
 
Last little bit seems to be taking forever on Preparing Update (OTA on iPhone 4). I wonder if it is stuck?
 
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