I was excited for the iOS 5.0.1 update simply because I wanted to see it work without plugging in stuff.
The update mostly involves iOS 5 "bug fixes", however, Multitasking Gestures have been added for the original iPad. That will give me and my son something new to play with this weekend.
To update, go to Settings, General, and Software update. It will check a minute for an update, and then you will have to click download and install.
Just a warning, it does advise you to plug it in but you don't have to unless your battery is running low. I would say the update took approximately 3 minutes. Here is what the screens will look like while you update.
As my son would say, "That was easy greasy lemon peasy!"