I had read and have been reporting that IE7 would be pushed as an update as part of the November 14th regular “Patch Day” from Microsoft.

However, some blogs (example) are reporting that IE7 is being pushed out TODAY as an automatic update. I haven’t seen anything from other news sources, but the issues below apply whenever the update occurs.
Well, not completely automatic, as it appears to put a recommendation on the screen — with options Ask Me Later, Don’t Install and Install.

This is necessary because the IE7 Update recommends that you disable your anti-virus and anti-spyware before starting the installation. This is a REASONABLE request — since both of those tend to try to protect your IE installation, and would royally mess up the upgrade process.

Whenever you install, expect it to take 10 to 20 minutes. The IE7 will also end with a recommendation to reboot immediately. Nicely, it doesn’t force the immediate reboot. You get an opportunity to save anything else first.

Of course, you really should save and close all the other windows before starting the update.