It is fairly straightforward.
There are two O rings, one at each end. The one nearest the front of the engine is seated in a groove and will not fall out during removal. The one at the back which seats in the water pump is more likely to fall out during removal. Mine fell into the sump but it was fairly easy to reach in with a small screwdriver and pluck it out. No major drama.
It would be a good opportunity to replace the rubber hoses. From memory, using genuine Yamaha parts the pipe, hoses and clips cost £124. I would be inclined to use new parts as you don't want to be going in there again in the near future for the sake of a few quid.
The metal pipe comes with a coolant drain plug and washer already fitted.
When you remove the pipe some residual coolant will drain into the sump. Let it drip a good while, keep your old oil filter and with some cheapo oil run the engine for a while and then drain before filling with a new filter and oil.
All in all an easy enough job.
Oh, and clean the front of your engine and touch up any flaky paint while you are at it!