I had CM7 before the update, so I had to downgrade back to stock 2.3.6. I did the standard new-ROM process: wipe data/factory reset, wipe cache, wipe Dalvik cache. I was back at stock Gingerbread.
Did the same thing before updating to ICS - wipe data/factory reset, wipe cache, wipe Dalvik cache
Everything is working great, very fast and smooth, no battery issues, all radios work fine, connection to PC is working fine. No issues with anything.
I guess the rule of thumb is if you're doing the manual update, treat it like installing a new ROM, wipe data, cache, and Dalvik and you should be good.