Not sure what you're talking about with the giant P, I don't see anything like that on my phone.
I noticed that my phone also initially lost its connection to the facebook contacts also, however once I logged into the facebook page and let the phone resync they all came back without me having...
Here in Michigan I just got the update on both mine and my wife's eris. Everything went without a hitch, didn't lose any apps or contacts. Had to redo my home screens but everything else went just fine!