are there any problems or cautions in updating to OS 11.1 Big Sur?

Sorry, but is just too open a category to answer properly. Any time you upgrade (changing to a completely new version of) an operating system, there is always a chance that something may go wrong.

Three things come to mind when upgrading:

1. ALWAYS make backups of your existing system. Include both Time Machine and full-clone bootable drive backups so that you can return to a working Mac as soon as possible should something go wrong.
2. Check the system requirements for any critical apps that you use. Can is support running on the newer OS? Does the app developer offer updated versions that do if it does currently does not?
3. Is your Mac model supported? Ref: How to upgrade to macOS Big Sur - Apple Support