Yes you can receive OTA updates while rooted (as long as your not on a custom ROM), more often than not you will lose root.
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Which is my point. Several custom roms block out updates, and most people who root also run custom kernels with custom roms. It defeats the whole purpose entirely. Unless you plan on running vanilla Android for the 2 years you're going to own the phone, you're probably going to experiment with roms. Given we don't know how "cool" ICS is going to look and how smooth it will operate, so we can't make those assumptions out right.
