
Image via CrunchBase, source unknown
The upgrade process isn't that painful, though the DB upgrades do take quite a bit of time to complete ie. a good 5 minutes
There is documentation on upgrading on the MT site, as well as a supplemental document which covers some of the "gotchas" for users of various plugins / extensions.
The main "issue" would appear to be related to template differences and conflicts, but these should be easy enough to solve.

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