"While not as massive an update as the 3.0 release, WordPress
3.1 brings a few interesting changes that make it a decent upgrade.
In particular, the new post formats in 3.1 could be a real boon for
many bloggers and publishers.
"Beware the Beta
"Unless you have good reason, or great disregard for your site
content and stability, I don't recommend upgrading to the WordPress
3.1 beta or release candidates. In fact, I usually recommend that
folks wait until the first revision — so when 3.1 comes out,
wait for 3.1.1 before moving.
"But if you do upgrade, be sure to make a backup of your
wordpress directory and the database before taking the plunge. If
you're fortunate and all goes well, you may never use it. If you're
not fortunate, you'll want to have it handy. Of course, you're
already making regular daily or weekly updates anyway, right?"
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