I haven't seen anyone except the OTA on a rooted phone so I'm not sure what it will do.
Either flash a custom ROM on the phone... or flash the 2.11.605.5 RUU on the phone (you will lose root access so afterwards you will need to flash SU back to the phone.) If you want to try the OTA instead... that's up to you.. I'm not really sure what would happen though. I would use the RUU to update the phone or use a custom ROM.
2.11.695.5 RUU -
AndroidPolice_PG05IMG_Mecha_2.11.605.5 - Minus.com
-After downloading it, rename it to "PG05IMG"
-Drop the file on the root of the SD Card
-Turn off your device Hold Volume Down + Power to reboot into the bootloader --the file should automatically be detected and the flashing process will begin.
-Wait for your device to complete the process and reboot.
To get root access back:
You need to repeat step 10 from the guide to put SU back on the phone. You have the bootloader unlocked (s-off) but you lost your root access which is whats happening to everyone who is putting the RUU over a Revolutionary rooted phone.
10) Now you will still be at the bootloader screen...
Press Power to enter the recovery screen.
Push volume down to highlight recovery and push power once again to select it and boot into recovery.
Now you can use the recovery and install su-2.3.6.3-efgh-signed.zip to get root.