dabubbakin, you are not off at all. In fact you're absolutely correct. By stopping the download and using the SDK for Android, you can capture the link that your phone is downloading from and then download it manually. In some cases - like the Eris update that the other poster is most likely talking about - the file that is posted is official, however it isn't final. Same thing happened with my wife's and daughter's Eris. A simple matter to fix once the "final" was released and not a big deal at all.
There is a lot of paranoia that circulates about these sorts of things. People are (rightfully so) concerned about damaging their expensive equipment. My advice to everyone is this - If you're not comfortable with it, don't do it. It's really that simple. But do the research yourself, don't take the word of one person either way. But make sure you know where to look and what sources to consider credible. The Android dev's forum is definitely a credible location. They're the ones that make the OS work, chances are good that they have an idea about what they're saying.
Also make sure that you're not the first one trying it. Check the forums and the replies. See if there's been any major issues and if there have been, see if there are solutions to those issues.
Nothing's complicated about this whole thing. You can either wait and get the update, or do it yourself. It's up to you. Either way, enjoy your phone. It's a good piece of hardware and you paid a lot for it. Have fun with it and don't stress so much.