FWIW, I seemed to have dodged playlist, imported CD issues with my upgrade.
After seeing all the different reports, I still decided to go ahead and update.
This was my process:
Updated to iTunes 12.2 on all my Macs using the full installer download (not the App Store Update).
Opened iTunes on each machine and immediately went to Preferences->General and unchecked
"Show Apple Music" (did not see anywhere in any preference pane any reference to "iCloud Music Library"
that all have been talking about). Of course, it promptly told me it would shutdown the iCloud Music Library
(perhaps this is what people were referring to).
I then downloaded and updated my iPhone via USB with iTunes. When complete,
and rebooted, turned off "Show Apple Music" in the Music settings and opened
the Music app and all playlists, imported CDs (including artwork), and individual
LP track rips were all there and intact.
So, the big question is, if I want to subscribe to Apple Music sometime in the future,
I assume the "Show Apple Music" needs to be re-enabled. If this is done, will this then end up
trashing all the hard work over the years of importing and playlist creation?