EDIT on Nov 19, 2011: This procedure has been replaced by a newer, faster, upgrade procedure that does not do an intermediate upgrade to Fedora 15:
See*How to Upgrade VB 1.10 to VB 2.0: Fast Method
Users are encouraged to try the new procedure instead of the one described here.
I developed a command-line upgrade procedure to go from VB 1.10/Fedora 14 to VB 2.0/Fedora 16. I tested it on a fresh VB 1.10 ISO install in a virtual machine on my Mac, and it seemed to work fine. *I have not tested it on real hardware, however. Nor have I tested it on VB 1.10 systems that have had extra packages installed or other user modifications.
I wrote a wiki article:*How To Upgrade from VB 1.10 to VB 2.0 Using the Command Line
Check it out. *Note that the procedure is NOT guaranteed to work, and you should have an up-to-date backup of your VB media library and other config directories, in case you need to do a fresh ISO install to fix a broken system that won't boot. Packages that you installed from third-party sources that are not in the standard VortexBox, Fedora, and atrpms repositories may cause problems and may cause the upgrade procedure to fail.
There are likely to be updates to the wiki article as more experience is gained with the procedure.
I hope that Andrew can test this procedure in his lab on real hardware, and come up with additions and modifications, and perhaps capture some of the steps in a higher-level script so less typing is required.
Let me know if you have any questions or run into problems.