I have two tables in a SQL Server 2008 environment with the following structure
Table1 - ID - DescriptionID - Description Table2 - ID - Description <
Table1 - ID - DescriptionID - Description Table2 - ID - Description
Your approach is OK
Maybe slightly clearer (to me anyway!)
UPDATE T1 SET [Description] = t2.[Description] FROM Table1 T1 JOIN [Table2] t2 ON t2.[ID] = t1.DescriptionID
Both this and your query should run the same performance wise because it is the same query, just laid out differently.