I take it that the view-only wallet feature allows us to create a corresponding offline wallet for signing transactions like in XMR GUI wallet and some BTC wallets. If so, is there a set up instruction or a guide somewhere?
no. view-only wallet allows you to see incoming transactions only and no ability to send or see withdrawal transactions.
Hey visdude, not yet. I know that's the feature you're pining for, but this was only the first step in that direction. Offline signing is planned in addition to multi-sig functionality in the GUI.
Thanks for the clarification. It's still a very significant and important update though; especially for the old-eyes thang (at least for me anyway).

Edit: Can you post a brief impromptu guide/steps on view-only wallet setup? I suppose I could have it on my tablet/laptop to monitor balance/transactions on the go without risking exposure of the key, right?