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New update this am....

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I don't have a Tesla yet. Is this process similar to a Windows update? Does it download automatically and then one presses execute?
The update is downloaded silently. When the download is complete you receive a notice on the 17" screen -- and on your phone via Tesla's app, if such notifications are enabled -- and you can choose when to install it.

Each of the 11 notices on the 17" screen that I've had since my car was new has said it will take 1:40 to install, regardless of how long it will actually take. The one that I installed this morning, 2.28.19, took 30 minutes after the prelude, a 2-minute countdown.

After installing, please update the Tesla Firmware Upgrade Tracker Web App at http://ev-fw.com/track-reports.php
 
I don't have a Tesla yet. Is this process similar to a Windows update? Does it download automatically and then one presses execute?

You are alerted via the Tesla app and your car that a software update is available, and then you can schedule an exact time for this to download and install (i.e. when you're sleeping or otherwise not using the vehicle for an hour or 2). My iPhone requires me to download/install only when I am using my device, can't schedule it :)