As long as you don't use the new elements, just switching your doctype to HTML5 works as well as any other HTML doctype. (I'm not going to address XHTML.)
If you want to start using the new HTML5 elements, you'll need to be aware of how they do or don't degrade in browsers that don't support them yet. For the most part, they degrade well, with one exception: IE. IE won't let you style an element it doesn't know about (e.g., via CSS). The good news is that IE makes it really easy to tell it "no, really, this tag is a valid element tag" by doing this in Javascript:
document.createElement('section');
(Using section
as an example.) That's it. At long as you do that near the top of your document (in the head
, for instance), IE will accept that section
is now a valid element tag and will process the document accordingly, as a by-product of your having created an instance of a section
via script (even though you didn't save that instance anywhere; just the action of creating one puts it on the list of accepted element tags).
Remy Sharp et. al. have created a script that does this for the various HTML5 elements, which you can download here (more info here). Best to wrap it in IE conditionals:
<!--[if IE]>
<script src="html5.js"></script>
<![endif]-->