I actually opted to do a factory reset. It seemed like it would be good to start the update with a fresh slate.
However, now I select "System Updates" and it tells me I need a Motorola Service Account. I select to set one up and it hangs at the spinning loading circle and "Communicating with server. Please wait..."
Is there just an inordinate amount of traffic on the Motorola servers?
Sounds like it's similar to what's happening to mboswell and me.