Well, I replaced it and I wanted to update the board on how it went and give a few pointers to people who are doing it themselves. It did take me two hours to do it but I was totally clueless going in so it should have taken the Volvo guys about 30 minutes at the dealership. The hard part was finding where the plug was and getting that disconnected. Here is what I did:

Unplug the battery
Jack the car up and remove the driver side tire (it's easier to see/access the plug with it off)
Unscrew the sensor from the pipe
Unplug the sensor (tricky part because it's pretty tight in there)
Screw the sensor in and then plug it in
Connect the battery back and the computer should have been reset

I got the OEM part and I would recommend getting that as well. It would have been a pain to solder it in and I hear that it's a better quality part than the universal anyway.