I use the latest release of project manager in production. But if you're going to do so, I recommend waiting a week or so, or testing it out on a test server. I try to error on the side of caution.
Upgrading is very easy. Just follow the documentation for how to upgrade. If you don't have local customized code, you can use the /acs-admin/install upgrade procedure, and it will do everything for you.
If you have any questions, let me know.
