I would add a couple of steps to the above procedure.
First, after removing the old pads you will need to depress the brake plungers to make room for the new, and presumably thicker, brake pads you are putting on. I just used a wood paint stick against the plunger and pressed on it with the rubber coated handle of a large plier braced against the caliper to prevent gouging anything. After everything is back together, you'll need to pump the brakes a few times with the engine running to move the plungers back out into position otherwise you may have no brakes when you first take off.
Second, if you are changing pad material, I think it is generally considered a good idea to prep the brake rotor to remove the old brake pad material or to have the rotors resurfaced if they are heavily ridged. I just used 220 wet/dry paper and some water and went over mine for a couple of minutes each when I went from stock to EBC Greens. Seemed to work fine for me, but there may be better ways to go about it.
--- Ken