I tried the above solution but I found it unsuitable for large amounts of data. I then discovered the stream feature:
MongoClient.connect("...", function(err, db){
var c = db.collection('yourCollection');
var s = c.find({/* your query */}).stream();
s.on('data', function(doc){
c.update({_id: doc._id}, {$set: {name : doc.firstName + ' ' + doc.lastName}}, function(err, result) { /* result == true? */} }
});
s.on('end', function(){
// stream can end before all your updates do if you have a lot
})
})