That is the update that was released 9/22. It is not a new update. For some reason folks have been getting emails and notifications recently.
As always, if you are rooted DO NOT take any OTA updates! Taking an OTA update while rooted may break your current root.
If you are not rooted, always check your current software version to make sure you are not applying an update that you already have installed. Check Menu>Settings>About Phone>Software Information>Build Number. If the current number matches the number of the update DO NOT apply the update.
Applying the update before you root should not cause any problems but I would just root and then flash the rooted version of the stock 3.29.651.5 ROM.