Posting this after seeing a post for help post this update.
I just ran it n my R61 and now have 3.1.9-1.4-desktop
Working just fine.
Yes I have this now and all seems to be running fine after reboot. 
Is there a preferred method to removing older kernels on openSUSE, or does it maintain itself in such matters? Many thanks.
By default a new kernel replaces the old one, but one can make changes to the system if one wants to keep the installed kernel in case of an update.
I also updated yesterday to 3.1.9 without issues. And no need to rebuild ATI fglrx (installed from repo) - nice!
oS 12.1 64-bit - netbook HP dm1 - KDE 4.7.4
Updated main box, also with no issues
Kernel updated to 3.1.9-1.4-desktop x86_64, with quite a fast reboot and no problems so far.
Yes, boot time is super quick
Was looking forward for this update.
Bug squished.
https://bugzilla.novell.com/show_bug.cgi?id=736093