It won't automatically reboot. You have to select reboot from the recovery menu. No need to both wipe cache and factory reset. Just factory reset. AFTER the update installs.
If you're using the House of Bionic, you choose the install 232 option and it'll upgrade you to 232 from 2233 without data loss. Please read the WHOLE OP before starting and make sure you understand fully what it does and how it works.