Yes. works. Import everything to a test environment first. Work out some things if needed on the packages before putting an export into a production area.
From our experience it sometimes works and sometimes the reports need updates. We've found that if to copy the imported report in version 8 to memory and use the buffer data to create a new report it'll sometimes fix the problems. However use caution and test results before migrating to production.
The migration does take a large chunk of time as its not as easy as they make it sound. The of the biggest pains is report rebuilding some syntax does not port through properly as well as we have been experiencing prompt problems. The upgrade is definitly worth it but take the time you planned and double it.
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