I'd like to rename my WordPress database in phpmyadmin.

I found that option under the Operations tab in phpmyadmin, so the process appears to be simple.

Other than updating my blog's config file to reflect the new name, is there anything I need to know before proceeding with the database rename?

Thanks.

other than backing everything up before you go ahead, there shouldn't be anything else to worry about..

RENAME DATABASE db_name TO new_db_name;
in the SQL tab;

The RENAME statement was removed in MySQL 5.1.23

http://dev.mysql.com/doc/refman/5.1/...-database.html