|5-10 minutes + 2 hours|
The update would normally take 5-10 minutes to apply, unless you encounter a 'spinning cog' bug, in which case you may have to wait up to a couple of hours while fearing you may have bricked your device. Unfortunately for my 8X, the dreaded spinning cogs bug hit and it took two hours of sweating nervously before the installation was successful. So have patience.
Once the update applies the OS version should read 8.0.10327.77 and firmware version 3030.0.33501.401.
The real proper update to Windows Phone aka GDR3 aka Blue, is what we are all looking forward to. Look out for that in Q4 of this year.