All apps I use continue to work as expected. And I jumped from El Capitan to High Sierra. I kind of expected a bit of a slow down, but High Sierra turned out to be faster than El Capitan. That may partially be due to the fact that APFS is a faster, and much more robust file system than HFS+. I also much prefer a clean system. I never install an OS upgrade over a previous one. I have to presume that's why I never see the many problems other users report when they upgrade. Yes, it's a pain to load many large apps from scratch (the Adobe CC suite, Quark XPress, i1Profiler, MS Office and many others), but in my opinion, worth the effort.
As of 10.3.4, you'll see a warning pop up for 32 bit apps (only the first time such an app is run) that the app needs to be updated. That's not quite it, but I can't recall now how the message is worded. Nothing is really wrong. Your 32 bit apps will still run without issue. What it's saying is in the next major release of macOS, Apple is going to start pulling 32 bit support out of the OS. A 32 bit app may run in the next OS, or it may not. Or will run, but not well. The OS after that, 32 bit support will be completely gone. 64 bit apps only.
If you keep a dual boot setup, such as High Sierra on one partition and El Capitan on another, when you boot into El Capitan or older, APFS drives will not show up at all. The older OS's have no clue what APFS is. Sierra might, since users could kind of beta test APFS live if they wanted to. But I haven't tested that one.
Oh, and you don't need to convert your other drives. They can all stay as HFS+ if you want. I even have High Sierra on a rotational drive formatted as HFS+.