Thanks for all the help guys =) I got my Trip300/DuoTrap combo on the bike and have learned a great deal in the process.
Installing the Trip300 wasn't exactly easy. First I had to remove the back wheel... which is a bit obnoxious to get back on without a repair-stand (I probably should purchase one in the future). The left peddle was impossible to remove with the allen wrench (6mm...not 8mm), but I purchased a bike wrench and that gave me enough leverage to remove the peddle. I also added some anti-seize. The cadence magnet, which is placed on the crank, doesn't seem to be made for the DS; they include 3-sizes... and in order to make the middle-size work, you need to insert a piece of hard rubber under the magent loop to move it closer to the sensor. It would have been nice if they had a size specifically for the DS instead of resulting to some MacGyver fix.
But everything worked and it didn't take my longer than an hour. Knowing what I know now... I probably could do it in 10 minutes. But I'm happy that I purchased the Trip300/DuoTrap combo. The system communicates quite well and seems to be fairly responsive to changes in speed/cadence. Hopefully the battery (especially in the sensor) won't need replacement very often.
Again, thanks =)