The wiring is straightforward, I can't remember if the 05 has the phone power connector behind the dash, if so it's a breeze, if not you can just run the wires to the fuse box and tap in to an ignition 12v line with a wire tap.
Where you put it... that's all down to personal preference but it's really either the windshield or between the seats. Ont he windshied my preferred spot was up and right of the mirror just enough so the rear sensor is clear, this only works if you have a remote display though otherwise you'll need to be able to see the arrows. Also note... the dot near where it says "Laser" is the rear laser detector, you might obscure that...
My preference... I had a bracket made to put my V1 between the seats and integrated the remote display in to the rear view mirror. I did 700 miles with it like this in the last 24 hours and I have to say it works great!
V1 Bracket:
Mirror Display:
Chris.