Here’s a very quick set of SQL snippets for updating a WPMU domain. This might be useful when building a site on a development domain before moving to a production one later on.

Firstly update the wp_blogs table:

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UPDATE wp_blogs SET domain='newdomain.com';

There will be a bunch of wp_options and wp_posts tables – one per site. Find all the tables:

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SHOW TABLES LIKE "%_options";
SHOW TABLES LIKE "%_posts";

and for each table, perform the following query:

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#_options tables
UPDATE <tablename> SET option_value=REPLACE(option_value, 'http://olddomain.com', 'http://newdomain.com');
#_posts tables
UPDATE <tablename> SET post_content=REPLACE(post_content, 'http://olddomain.com', 'http://newdomain.com');

This was enough to get the sites working for me. Additional tweaks are probably required afterwards – if you find anything let me know in the comments below.