It took me a couple of hours because I ran into some minor problems. I had some trouble installing ADB because it refused to detect my JDK installation. (Hint: Set JAVA_HOME to the location of the JDK install, not the location of java.exe)
Additionally one of the linked files was posted on Megaupload.com which is no longer available. I had to hunt around to figure out which PD15IMG.zip file to use. I used a 2.3.4 PD15IMG.zip file from the thread below, even though my stock Panache was Android 2.3.3.
http://forum.xda-developers.com/show....php?t=1476745
Also, when it came to actually flashing the new ROM, the ROM I chose (AwesomeICS) didn't have clear instructions on how to flash it (it assumes you know how to use ClockworkMod). Had to read instructions on how to flash Cyanogen Mod using ClockworkMod Recovery and then substituted the AwesomeICS files in its place.
In general though, I'd say it's a little trickier than jailbreaking an iPhone, although you don't have to do iPhone's "hold home for 30 sec, hold and release power button for 30 sec" thing. If you have used Linux or Windows command prompt, you should be okay.
Now that I've gone through the process once, I'm much more comfortable with it, and would be happy to offer tips. Nearly everything went according to their script for me, so I might not be very helpful if you encounter major issues.
Can't wait for a ICS/Sense 4.0 ROM to hit with a functioning camera, which will probably be my next ROM. Currently, AwesomeICS has only stock vanilla, but the camera works.
For those of you not wishing to root your device, I have to add that simply doing a factory reset helped with sluggish-response issues for my Panache. I have done that twice in the past 6 months.
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