I just finished updating to SolidWorks 2010 SP1 (from SP0). The entire process (launch IM to finish install) took exactly 31 minutes.
Yep - with 2010, the IM nows supports patching. The download was just under 190MB.
SolidWorks Premium on Windows XP.
I'll be moving to Win7 the next time I visit Concord (early January).
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