Does this mean that the manual root method on works on the 1.70.605.0? If so, how do I install the OTA rooted rom?
Please excuse my ignorant question, I am a complete novice on this thing and I am kinda scared of bricking this thing.
as i explained in post 5 of the the above linked thread, android police said their original guide should still work. the exploits and downgrade RUU files will remain the same in the updated guide,with the only real difference being that the "custom RUU" you flash at the end will be 1.70.605.0 instead of the current 1.13.605.7
you will install the rooted OTA immediately after rooting by using directions in the sticky thread to go to clockwork recovery,and flash the rom you download from xda. there is a link to the xda thread in this one,here:
http://androidforums.com/thunderbolt-all-things-root/371976-official-ota-rom.html
there is only 1 step that is a real risk of bricking your phone,and as long as you follow directions,the risk is slim to none. this risk is in step 6 of the xda guide,where you confirm the md5 sum of the s-off bootloader. if an output to a command you enter does not match what its supposed to,STOP. seek help in the chat link at the bottom of the guide thread. again,follow directions and make sure the outputs match when youre asked to verify them,and the risk is very,very small.
my advice is to go to sticky rooting methods thread, watch all the videos,check out some of the links. i personally used the 1st video to set up adb and get it ready. watch the steps 2-9 video,but dont try and use the video as a guide. just watch it and pay attetion so that you get an idea what youll be doing. follow the steps exactly in the xda guide and well be handing you your cigar and blazer in no time
and i cant say this enuff: the biggest prollem in using the guide now is that if you attempt to stay on the stock rooted 1.13.605.7 firmware your phone will prolly pester you to update. it may bug you constantly with a "do you want to update" message,or it may just go ahead and try and do it

i have read that some phones have attempted to take the ota without notifying the user.
as long as you realize this,and flash either a custom rom,or the latest rooted stock software,it shouldnt be an issue. or you can wait a couple days. jcase had mentioned on twitter he was out of town,it wouldnt surprise me at all to see an updated guide either tomoro or tuesday.