Replaced mine a few months ago....just a little bit of a pain, but not too awful. Picked the new sensor up at my local dealer for about $45. As I recall, you have to disconnect your rad. hose, remove the front "3400" engine cover, and then remove the fuel jumper rail. Basic socket set (make sure you have a 19mm socket!), a torque wrench, and your hand tools will get it done in an hour or less....biggest two things are 1) to make sure you torque the new sensor to 14 ft/lbs and the jumper rail to 25 ft/lbs. and 2) to get new crush gaskets/washers for the jumper.
This also is an excellent time to change your coolant :biggrin1:
Edit: Also...while not necessary, a set of crow's foot wrenches will be a huge help. I picked up a cheap set from Harbor Freight just for the job. I thought they'd be a one-use thing, but they've actually been handy for several applications.