The update is currently only available in France, and it's unclear when it will make it to other countries. Furthermore, even in France it's only out for one specific version of the device – the one with 32 GB of built-in storage and both Wi-Fi and 3G functionality. Wi-Fi-only units have yet to see the update become available for them.
The update comes over-the-air. That means that your Flyer will notify you when it's reached it. The size of the download you need to perform is around 210 MB, so you may want to make sure you're on Wi-Fi before attempting to pull it.
After installation, your Flyer will run software version 3.55.405.1, or, in simpler terms, Android 3.2.
While this update is clearly a step in the good direction, HTC Flyer owners still don't know if it will be the last one they'll ever receive. Hopefully the company will eventually decide to give them some Ice Cream Sandwich love too, but that's not been decided yet.