This is what I've got from reading through the installation manual:
1) Backup original DNN folder and then extract new installation files to DNN folder.
2) Open up original web.config file from your backup files.
3) Open up new release.config file
4) Rename "SiteSQLServer" keys in release.config to whatever your information is in the web.config file, in my case its, "DotNetNuke"
5) Set the <connectionStrings> in release.config to the same values as your old web.config.
6) Set the values of the machineKey element in the release.config file to the values that used to be in the appSettings node of the web.config file.
7) Save release.config as web.config in the DNN folder.
8) Upload files to DNN folder on your Web host.
9) Browse to the site and it should trigger an autoupgrade or run the install script, if necessary.
Has anyone done the upgrade before? If so, am I missing anything? Thanks.