I just performed 2 upgrades from 3.4.d to 4.0.c and was pleased with the ease of the upgrade path.
We deploy from .war file by downloading the latest nightly build, not the bitrock installer. Some customizations we had done incorrectly in the WEB-INF path needed to be redone, but other than that everything was very smooth- the mysql DB migrations threw up a few warnings, but we have not seen any application errors yet.