The OTA update is being pushed to Nexus One users by Google servers and is expected to cover all users over a week time. Guys at Android communities already figured out how to manually update the phone instead of waiting for Google's push notification.
The procedure is pretty simple.
Download the update file from google server (check below link for details) and rename as update.zip.
Copy it to the root folder of the SD card
Shutdown the phone and restart while pressing down the trackball
Select bootloader from the list displayed
Select update.zip from SD card option.
This will take you to a screen with a triangle and android
Press down the power button and then the volume key without leaving the power button
Leave your phone to complete the update which may take time
Don't do anything even if you feel that your phone is stuck with an android out of box screen. It will restart after a few minutes.
Once complete check the multitouch on your browser. If it's not working try to soft reset the phone a few times.(I didn't face that problem)
I managed to get the update done without the need for a PC. Just install astro from android market. Download the update, rename and move the file to SD card root folder using Astro!
Check this link for full instructions and download link.
Multitouch has been one big missing factor in Nexus One, especially for people who switched in from iPhone.
If Google develops picasa in line with iTunes to easily manage nexus one media, that will seal the deal. Atleast till the next iPhone comes
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