Robo,
It's not horribly difficult. A testament to that is the fact I did it myself with a large-ish Radio Shack desoldering iron, and I'm definitely not known for my soldering skills. It's amazing what you can do with a bit of frustration. It would have only taken 10-15 minutes or so if I didn't accidentally squeeze the bulb with solder over a set of memory chip leads - that took an hour or so to clean up. For me, the trepidation factor had been on a sliding scale:
1) GeForce2 MX - would do it in a second and not had a single regret throwing the board out if I screwed up
2) GeForce2 GTS - had to think about it, finally reconciled myself to the prospect of throwing the board out if I screwed up, and barged ahead
3) GeForce2 Pro - ummm ... I don't think so
4) GeForce2 Ultra - no way in hell
After doing the procedure, I think I might do it on an Ultra if the 2D was poor. I should also add here that, from what I've read, MINOR screw ups are fixable. I can personally tell you that removing a large blob of solder from a memory chip's leads without desoldering the memory chip itself is doable with little experience.
In retrospect, if the $82 32MB DDR Radeon LEs were available way back then (wait - that was only two months ago), I'd have probably gone with that and not even bothered with taking a desoldering iron to a brand new board. Got to admit, though, I've been pretty happy with the modded Gladiac GTS. The 2D is nice and sharp even on my FD Trinitron, and the 3D is really within spitting distance of a Radeon - before, you could DEFINITELY tell the difference. Anyway, if you're interested, full details and additional links to the procedure are in this
thread.
All of that said, I still think I liked the V5500 better than the GeForce2 or Radeon, for all the reasons you know so well.
BTW, from the picture of the reference GeForce3, the filter circuit looks awfully familiar. I sure hope nVidia figured out the proper values for the capacitors and inductors this time.