That happened to me earlier, it said 2.0 was ready to be installed to my iPhone, then when I pressed "Download and Install" nothing happened and when I clicked back to try again it kept saying 1.1.4 was the current version. I just pressed "Check for Update" a few more times and it reappeared and it downloaded.
However, with all the problems people are having, myself included, in getting 2.0 to activate, I'd hold out and praise the lord your iPhone isn't currently a brick.