Upgrading Management Console only -- no impact to any server :

1. Select HMC Management.
   2. Select Save Upgrade Data.
   3. Select DVD, then click Next.
   4. Click Finish.
   5. Wait for the Save Upgrade Data task to complete. If the task fails, contact your next level of support before proceeding.
   6. If the Save Upgrade Data task is successful, remove the DVD-RAM, insert the first Recovery DVD into the DVD-RAM drive, select Shutdown or Restart.
   7. Select restart and click OK.
   8. The HMC reads the media in the DVD-RAM drive and displays the Install/Backup/Restore wizard window.
   9. Select Upgrade, and then click Next.
  10. Select Upgrade from media, and then click Next.
  11. Click Finish to start the Upgrade process.
      The DVD drive opens an the following options are displayed:
         1 -- Install additional software from media
         2 -- Finish the installation at a later date
         Please enter your selection
  12. Select Option 1 and press Enter. The following prompt is displayed:
        Please insert the media into the drive and press Enter.
  13. Remove the first DVD, insert the second DVD into the DVD-RAM drive, and then press Enter to complete the Upgrade.
      The HMC restores the data preserved by the Save Upgrade Data task, and then completes the booting process. During this process you are prompted to select the language and keyboard mapping.
  14. At the Hardware Management Console login prompt, log in using your user id and password.
  15. Accept the License Agreement for Machine Code twice to complete the HMC code update.


http://www-912.ibm.com/s_dir/SLKBase.nsf/DocNumber/551992882?OpenDocument&TableRow=3.2#3