I upgraded to SP2 over the weekend.  I didn't uninstall the MP nor did I uninstall WAIK before I began.  Those objects upgraded with zero problems.  The only problem I encountered was at the very beginning when you choose your download location for the updates.
Every time I choose the download folder it was state:
"component manifest was not found or it was invalid"
Well I simply moved the
ConfigMgr.manifest.cab
ccmsetup.cab
to a new folder and tried again.  This time it downloaded and start the install.
I cannot say how long it took, but It wasn't several hours.  I minimized the window and read the Sunday paper.  When I returned it was pretty much done upgrading.
A restart wasn't required but I did it anyway since I like to restart after major upgrades and installs to ensure the platform is stable.
 
