Yes - exactly that - there's a small learning curve - tho' no more than when you first start using any new program.
You will be able to import your IE bookmarks straight into Firefox and many of the standard toolbars such as Yahoo, Google, Spoofstick are available together with many other extensions that give Firefox additional functions.
PS I'm running XP SP2 with the Firefox 1.0 - no problems whatsoever
Additional Edit:-
In Firefox Toolbar Menu: Tools > Options > General - towards the bottom you will see a check box for 'Default Browser'.





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