It's actually a pretty easy upgrade. Here are the changes that need to be made:
1) Remove the ContentManager content; instance in the Game1 class.
2) Add this line to the Game1 constructor:
Content.RootDirectory = "Content";
3) Remove "Content/" from all of the load calls.
4) Make sure all the load calls use the Content (upper case C) property.
5) Move all of the stuff in the LoadGraphicsContent method (all of the stuff inside the if statement) into the LoadContent method.
6) Remove all the calls to GraphicsDevice.ResolveRenderTarget.
7) Remove the UnloadGraphicsContent method entirely.
All the theory (the important part) still applies. I've also uploaded a new version with all these changes if you want. There are comments in the source:
Refraction2D.zip.