Q: I am still running Snow Leopard but my MAC does meet the hardware requirements for Yosemite.  Should I proceed with upgrade to Yosemite?  Any gotchas?

Always have a current back, so if anything goes wrong you can fall back.

TimeMachine

BootClone:    Superduper or CarbonCopyCloner

Please verify that you meet Yosemite requirements - http://www.apple.com/osx/how-to-upgrade/ .

Your performance on Yosemite may be very different than SL, depending on your Usage patterns and applications you use. Unless you really need Yosemite features, you can stay with SL, which is a very stable OS X version.

One option is to create a new partition (~30- 50 GB), install the new OS, and ‘test drive’ it. If you like/don’t like it it, you can then remove the partition. Do a backup before you do anything. By doing this, if you don’t like it you won't have to go though the revert process.

Check to make sure your applications are compatible.

Application Compatibility

Applications Compatibility (2)