I read that Service Pack 1 was available for Vista Home Premium (32 bit) so I fired up Windows Update and lo and behold, it was available. I downloaded the update - about 60 MB or so. It did not take too long to download via my 10 Mbps cable internet.
Installing the update took around 30 to 40 minutes, at which point you are asked to restart the system. The computer begins the shutdown process which is 'interrupted' by the update. A warning screen telling your that stage 1 of 3 of the update is underway and to not turn off the computer.
A few minutes later and the SP1 update was complete.
No problems so far. File transfers are much faster and it takes less time for Windows to calculate the transfer time. It seems that a bit less memory is consumed by system resources.
So far so good.