Just updated my BasicTeX-2008 install to the 2011 edition. Pretty simple really.
I deleted the old installation using:
then downloaded the latest incarnation from http://www.tug.org/mactex/2011/morepackages.html, then installed it.
I had to update the path in my .tcshrc to point to the new bin directory, and voila! Latest and greatest TeX install.
I then went ahead and ran the post installation steps from my previous post.