Is this a fake email from Paypal? Has anyone else received this?

Should I be worried?

Dear valued PayPal Customer,
Due to a policy update we need to verify your PayPal account.Please download the attached file , open it using your browser ,fill in the required information and click update .Should you decide you do not wish to accept the verification process you can notify us before 11/01/2011 to close your account immediately without incurring any additional charges.We do hope, however, that you continue to use PayPal and enjoy the following benefits:
It’s safer
When you pay with PayPal your financial details are never shared with sellers or retailers, so your more protected against fraud.
It’s faster
You don’t have to type in your card details each time you pay, so you can check out faster online. You can also get eBay items delivered more quickly, as you can pay the seller instantly.
It’s easier
PayPal is the preferred web payment method in the world because it? a smarter, savvier way to pay online in just a few clicks. All you need is your email address and a password.
(Your case ID for this reason is PP-000–987-911–120)