Whats involved with updating from 6.4 to 7.1

Hi All I know this may require a very detailled explanation, but in a nutshell... whats involved if I have a neatly, configurred 6.4 and I go out and get the new boxed set? Will yast detect my system and go out and upgrade my system ;-> that would be sweet Is 7.1 out yet?? all this talk about 7.1 has piqued my interest thanks rob