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It's still beta (16), but it's pretty solid. Note, there are algorithm changes that will require some changes to your presets, so I'd suggest writing down anything important and using that as a starting point. This will be true even when V3 is finalized.

You'll also want to make sure that, after applying the update, that you re-initialize your pedal to the factory defaults, both settings and presets. Doing that will avoid 99% of the problems reported. The new version of FactorLib works well with V3, but there are problems using it with V2 and/or using V2 presets with the new FactorLib. I know all that's a pain and take a lot of time, but the improvements in V3 are worth it.

FYI, you could back up your V2 presets with an older version of FactorLib, try V3 and if you don't like it, re-install V2 (that's always available in the Eventide Update Utility) and then restore your V2 presets with the older version of FactorLib.

Finally, as Eventide recommends, if you've got a gig or anything within the next week (at least a few days), you'll want to hold off upgrading until you have some time.