Wondering if you should be upgrading to ASP.Net MVC 2? It is worth some serious thought as there's some powerful new features, the upgrade process is nice and simple, plus there aren't many breaking code changes. Why not take a peek at what's new in ASP.Net MVC 2 and I bet you'll see at least a handful of features that'll get you itching to upgrade ;)
If you decide to upgrade your web application then review the MVC 2 upgrade notes. They include instructions for upgrading manually or you can choose to use the upgrade tool. I've used the upgrade tool and it seems to work great for most people - but not me, I had two problems :( After the conversion completed I compiled my project and got an error:
It is an error to use a section registered as allowDefinition='MachineToApplication' ...
...I managed to fix this without pulling my hair out though. The only other issue I had was around 10% of my project tests suddenly started failing; a result of some change to the controller context processing (this resulted in me improving my controller tests by creating a base TestController). Again this was a nuisance rather than a show stopper - the upgrade was worth the effort :)