First off, while I don't know exactly your situation, it does seem that you aren't going to be moving as far away as you might have thought. I have gone from "developer" to "architect" over the first 15 years of my career and now I have moved onto what is clearly senior management, but I am part of a large organisation which means that I still am not that close to the top. I would be considered a CTO of a medium sized company though. I have full P&L responsibility for more than one area and am responsible for about 150 people and about £10 million in budget per annum, 1/2 of that being hardware/software. I have been doing the management role for about 2 years now and I can say, for me, I won't go back.
I think my people, mostly, don't think of me as PHB. That is in part by remembering your roots, but more than not it is building up trust that you are going to lead them the right direction and having proper "adult" conversations about risks and issues. As others have said, micro-management, especially in the West, is horrible. You have to delegate and trust your team, no matter how tough that can be at times. Respecting their professionalism, much as you would have expected in their place, is necessary. Do not shy away from tough conversations though. It is much better to be up front about issues and direct than it is to avoid the subject hoping that it just will take care of itself. I have seen many "good" people turned into "bad" because there was a minor issue that festered until it wasn't recoverable anymore.
As far as the Technology, ask a lot of questions. Having a good inbuilt "bullshit" detector is a must for effective Technology management. Don't know every detail, but know when people don't know what they are talking about.