Unfortunately, without knowing your system (inside and out), it's going to be difficult for anyone to tell you how an upgrade is going to impact you.
I'd recommend checking the release notes to verify that the upgrade path won't mess up the application.
Here are a couple changes that I noticed that you might need to know about:
Remove ipcclean
utility command
Changes in the TRUNCATE
and LOCK
statements
SELECT DISTINCT
and UNION/INTERSECT/EXCEPT
no longer always produce sorted output
Disallow LOCK TABLE
outside a transaction block
Remove support for the (insecure) crypt
authentication method
Modify the ALTER TABLE syntax to allow all reasonable combinations for tables, indexes, sequences, and views
I'd recommend trying this on a test machine first (if possible).