But don't trust the upgrade if you use advanced features (as I found out the hard way) like Software Raid, LVM, and cryptfs. IT WILL BREAK YOUR SYSTEM.
No, but after upgrading via apt-get my system was unbootable. After pointing it to the proper drive in grub, it would attempt to boot but mysteriously hang. No one in #ubuntu or #ubuntu+1 could figure it out. I ended up having to boot from live cd, decrypt the filesystem, transfer it to a different box, and reinstall from scratch.