The Micro-X High Resolution Microcalorimeter X-ray Imaging Rocket is sounding rocket experiment that will combine a transition-edge-sensor X-ray-microcalorimeter array with a conical imaging mirror to obtain high-spectral-resolution images of extended and point X-ray sources. Our first target is the Puppis A supernova remnant, which will be observed in January 2011. The Micro-X observation of the bright eastern knot of Puppis A will obtain a line-dominated spectrum with up to 90,000 counts collected in 300 seconds at 2 eV resolution across the 0.3-2.5 keV band. Micro-X will utilize plasma diagnostics to determine the thermodynamic and ionization state of the plasma, to search for line shifts and broadening associated with dynamical processes, and seek evidence of ejecta enhancement. We describe the progress made in developing this payload, including the detector, cryogenics, and electronics assemblies. A detailed modeling effort has been undertaken to design a rocket-bourne adiabatic demagnetization refrigerator with sufficient magnetic shielding to allow stable operation of transition edge sensors, and the associated rocket electronics have been prototyped and tested.