How to use the official Yii installer for Composer

I just wrote an extension that integrates Yii and iron.io it is called Yiiron. I decided to make the extension  installable via Composer. It turns out that there is now an official Yii installer for Composer and since I couldn't find a tutorial for how to use it I decided to write one. Jump over to the wiki I wrote about it over on the Yii Framework site http://www.yiiframework.com/wiki/473/how-to-use-the-official-yii-installer-for-composer/.