You should be fine so long as you have everything backed up. For good practice make sure evreything is posted, no batches stuck out waiting for a posting.
If you really want to be safe and have plenty of time, I would possibly use a VM environment. The select a small accounting team to do some basic testing doing normal routines.
The one and the only:
Make a very good backup for ALL databases
And that not depends of the SP number.
I do this every time I need to apply new SP
Then install it and pray everything to be OK (I didn't have any problems with SP2 till now, but who knows).
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