Restoring a content database from old to newer version of SharePoint 2010

Assuming the source (say, production) server has an older update of SharePoint, and you need to copy one of its site collections to a development environment that has a later update.

Based on one of the answers in this thread:

1. Backup the WSS Content Database using SQL Server Management Studio,
2. Restore the database backup to the target server using SQL Server Management Studio,
3. Make sure the farm login and SharePoint service login have db owner rights to the restored database.
4. Go to Central Admin of the dev farm and create a new web application, and enter the name of the restored database instead of creating a new one.
5. Go to "Change Site Collection Administrators" and enter valid logins. 
6. On Central Admin, go to Upgrade and Migration -> Review database status.  Check if the content database has this note:  "Database is in compatibility range and upgrade is recommended."  See possible reasons.
   [update 05/22/2013: added this step]

Other useful info:

• SharePoint 2010 How-To: Copy your production content database to a development server
• Simple concept: How restore a SharePoint 2010 content database on the different farm