Two hours into it, and we're looking good. We backed up and moved all web server files to the new server, we backed up, compressed, moved, and restored the database onto the new server. The old web server is now running off the new server.
I'm about to throw the DNS switch, so browsers should begin to start trickling in, in the next few hours. By Tuesday morning, I suspect most users will have switched over.
Those wanting to get in on the action asap can hack their HOSTS file to point at the new IP: 220.127.116.11