First of all, check the eventual size of plant & allow enough room for it. Moving any established shrub later on is a pain, literally in the back/neck!
Seriously, plant it at same depth as it is in the container. If the soil of the hole is dry, then yes water the hole well beforehand & also well water the plant in once planted. I personally also would put some bonemeal into the planting hole beneath the plant.
I'd also mulch it afterwards- compost, bark chips etc. As with any new planting dont let it dry out during its' first year & with rhodos especially when you see the first signs of new buds forming, usually about early autumn onwards. J.