Yes, that includes the North American version of the N97 (N97 NAM RM-507). The N97's software updater application told us about the update but it said we couldn't download it over the air and instead had to use NSU (Nokia Software Updater) to download and update the N97's firmware. It was quick and well-behaved. In fact, it didn't even wipe out our phone's data (but backup to be on the safe side). It's a 146 meg download to the PC according to NSU, but those overseas who've been able to do it OTA directly to the phone say that's merely a 6 meg download.
So far our N97 seems a bit snappier, the Accuweather home screen widget is connecting more reliably and lists such as contacts scroll much more controllably (it's no longer a nightmare to scroll through a few hundred of your close friends). And yes, that bug where the unlock slider didn't wake up the phone the first try seems to be gone! Fire up your Nokia Software Updater on your PC to upgrade the phone to 11.2.021.