1) If you did already and did not encounter any problems, ignore this and continue working.
Too bad I hadn't read this last night!
I'm working with the Apogee Ensemble, which needs 10.4.7+, so I figured I'd just let Software Update take me to 10.4.9. Just before that I installed Logic 7.2 and ten 7.2.2. Hopefully I won't have to revert to my back-up.
But I have to say that so far everything seems to be working. The stand-alone V.I. Player launches in 55 seconds on my machine.
One strange thing did happen, though - my qwerty keyboard and mouse stopped working and I had to restart twice right after launching the Player to check whether it was going to take forever to launch. I hope there aren't any weird things to do with 10.4.9 and Syncrosoft...